Minors who own stocks valued over 100 million won (US$91,870) numbered 269 with the increase of 15 or 5.9 percent. (image: Kobiz Media / Korea Bizwire)
SEOUL, Nov. 12 (Korea Bizwire) – Something expedient but controversial, rising cases of wealth transfer taking advantage of lowered stock prices amid the stagnant economy among some owners of the domestic conglomerates, have come to the fore of late.
According to Chaebul.com, as of November 6, minors who own stocks valued over 100 million won (US$91,870) numbered 269 with the increase of 15 or 5.9 percent. Among them, 107 owned more than 1 billion won worth of stocks and even eight boast more than 10 billion won of stocks.
In the top-ten list of minors owning stocks, there were the children of owner families of GS, KCC and Hanmi Pharmaceutical.
The eldest son (aged 13) of Huh Yong-soo, vice president of GS Energy topped the list with 32.5 billion won and his seconded son (10) ranked fourth. Vice president Huh is a cousin of GS Group chairperson Huh Chang-soo. The eldest daughter (14) of Huh Tae-soo, president of GS Shop, was ranked eighth in the list.
The children of KCC affiliates, spin-off companies from the former Hyundai Group, became billionaires thanks to the rise of the stocks of their companies. The eldest son (16) of Chung Mong-ik, president of KCC, owns 16.5 billion won worth of stocks and the eldest son (19) of Chung Mong-nyul, president of KCC E&C, also became the 10 billion won level stock rich with 10.8 billion won.
Especially, a seventh-grade grandchild and other six younger ones of Lim Sung-ki, chairperson of Hanmi Pharmaceutical, own 8.2 to 8.5 billion won worth of the company stocks.
In addition, one-year old grandson of Kim Heung-june, chairperson of KISCO, is a stock rich with more than 1 billion won and two more one-year old babies own more than 100 million won worth of stocks.
Meanwhile, the National Assembly is driving forward to change the related laws on inheritance tax and gift tax to impose more tax on the minor stock riches.
By John Choi (johnchoi@koreabizwire.com)
