More chaebol children stock-rich
May 6, 2013 Leave a comment
2013-05-05 6:49 p.m.
More chaebol children stock-rich
By Cho Mu-hyun
The number of parents and grandparents transferring stocks worth more than 100 million won ($ 91,300) to childrens names has soared to a record high, according to a report released Sunday.Chaebul.com, which tracks large conglomerates and their owners said, as of April, there were 118 102 children under the age of 12 who had stocks worth 100 million won The figure was a year ago, thirty one such offspring had stocks worth more than 1 billion won, and two had more than 10 billion won The richest child in Korea is the 12-year-old son of Huh Yong-soo, senior vice president of GS Energy and cousin of GS Group Chairman Huh Chang-soo. The boy had 42.9 billion won worth of stocks. Huhs son topped the list last year as well, when his stocks were valued at 45.3 billion won. He received 259,000 of stocks GS Holdings when he was four years old in 2004, and currently has 740,341 His nine-year-old younger brother was runner-up with 17.4 billion won worth of stocks Relatives Lim Sung-Gi, chairman and CEO of Hanmi Pharmaceutical, hold seven spots in the top ten aged between five and ten, they each own stocks valued at more than 8.44 billion won in the company’s subsidiaries Hanmi Science and Hanmi Pharm LB Investment CEO Koo Bon-chuns two sons, aged 12 and 10, had stocks worth 6.05 billion won and 55.5 billion won. The elder son first appeared on the annual list two years ago, when his stocks were worth 7.5 billion won. Koo is the son-in-law of Lee Sang-deuk, a former lawmaker of The Saenuri ruling Party and the elder brother of former President Lee Myung-bak, Seoul Pharma CEO Hwang Woo-sungs two 9-year-old sons both had stocks valued at 4.25 billion won four of the grandchildren of Hankook Tire Chairman Cho Yang-rae appeared on the list. The 7-year-old son and 10-year-old daughter of sis son and Hankook Tire President Cho Hyun-bum, who is also the son-in-low of former president Lee Myung-bak, owned stocks worth 810 and 800 million won, respectively, there are also stock-rich Infants The granddaughters of Koo and the Korea Watos Chairman Song Gong-suk, both just turned 1 who own stocks valued at 160 and 100 million won Critics say owners of conglomerates have been transferring stocks larger to relatives so they can accumulate fortunes by receiving dividends or making it easier for them to control their BUSINESSES One example is the Hyosung Group, whose Chairman Cho Suk-Raes three grandchildren owned stock in the company worth around 80 million won in 2008. When the stock price quadrupled in 2010, it was sold for a profit of 300 million won each. Another advantage of the ploy includes avoiding heavy taxes.
About bambooinnovator
Bamboo Innovator 