TAIPEI -- Foxconn Electronics (Hon Hai) says reports it has ducked taxes through offshore shell companies are wrong and potentially libelous, according to a report today.

Following the leak this week of the so-called Panama Papers, Foxconn is alleged to have avoided nearly $23 billion in taxes by using investments in the Central American country.

In response, Foxconn says it has followed the law and in 2015 alone paid about $1.5 billion in taxes in Taiwan. Foxconn had worldwide sales of more than $138 billion last year.

According to DigiTimes, Foxconn is denying involvement in the Panama Papers scandal and would consider suing media for rumor-mongering.

It's not the first time the company has come under fire over tax issues. In 2009, Foxconn chairman and founder Terry Gou was accused by a former Chinese reporter of being investigated in the US for tax evasion, a charge the company denied. 

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