Samsung heir stays South Korea’s richest stockholder

SEOUL, Oct. 5 (BNA): Lee Jae-yong, president of South Korea’s major Samsung Group, remains the country’s richest shareholder despite a decline in the value of his stakes, a corporate tracker reported Tuesday.

The shares held by Lee, vice president of global technology giant Samsung Electronics, were valued at 14.17 trillion won (US$11.9 billion) at the end of September, the largest among local conglomerate owners, according to Korea’s CXO Institute, the South Korean news agency. (Yonhap) reported.

However, the value of its inventories decreased by about 1.39 trillion won compared to the previous three months. Lee suffered the second largest drop among.

In May, Lee emerged as the country’s richest shareholder after he inherited stakes in Samsung companies from his late father, Lee Kun Hee.

The eldest Lee passed away on October 25, 2020 at the age of 78, more than six years after being hospitalized for a heart attack. He has been the country’s richest shareholder over the past 10 years, with a stock value of 17.7 trillion won as of late October.

Lee Kim Beom-soo, founder and president of Cocoa Corp., South Korea’s largest mobile operator, followed with 6.98 trillion won, down nearly 28 percent from the end of June, the largest drop among conglomerate owners.

The decline in Kim’s share value came at a time when Cocoa shares fell sharply amid controversy over its monopoly on the market and calls for tighter regulation of the company.

This was followed by SK Group Chairman Chey Tae-won with 3.48 trillion won, followed by Hyundai Motor Group chairman Chung Eui-sun with 3.47 trillion won, and Suh Kyung-bae, president of large cosmetics maker Amorepacific Corp, with 3.29 trillion won. trillion won.

Meanwhile, Chung Mong-jin, president of chemical maker KCC, enjoyed the largest increase in stock holdings, with his stock value jumping 21.1% to 723.8 billion won during the cited period.

The institute also said the value of shares held by 38 of the heads of the country’s 50 largest conglomerates had reached 53.12 trillion won by the end of June, down 12.6% from 60.81 trillion won three months ago.

MI