FSC to decide on major Samsung Life’s shareholders

South Korea’s prime monetary regulator will give a ruling on whether or not the late Samsung Group Chairman Lee Kun-hee’s two daughters — Hotel Shilla CEO Lee Boo-jin and Samsung Welfare Foundation chief Lee Seo-hyun — are certified to develop into major shareholders of Samsung Life Insurance.

This determination is predicted to go of their favor, paving their method to develop into the corporate’s largest shareholders, business sources stated on Sunday.
The policymaking Financial Services Commission is slated to maintain a gathering on Wednesday to focus on whether or not to verify the bereaved members of the family‘ utility for the change of the biggest shareholder of Samsung Life Insurance, which was submitted on Apr. 26. 

The household had reported to the FSC that they’ve shared the late chief’s 20.76 p.c share within the life insurer, with the eldest son, Jae-yong, who owns a ten.44 p.c stake.

The second daughter Boo-jin and the youngest Seo-hyun acquired 6.92 p.c and three.46 p.c, respectively, in accordance to the corporate’s regulatory submitting launched on Apr. 30. 

Under the present rules, an organization’s major shareholders who’re inheriting a considerable amount of shares ought to go the FSC’s eligibility evaluation, to keep their standing as a major shareholder. 

Possibilities stay excessive for the FSC to verify the household’s utility as the 2 daughters reportedly met the authority’s necessities.

“(Boo-jin and Seo-hyun) have by no means been discovered responsible for violations of the nation’s monetary rules and honest commerce acts or topic of tax punishment,” a FSC official stated. 

Meanwhile, the qualification critiques for Jae-yong, the biggest particular person shareholder of Samsung Life Insurance, can be held individually later this 12 months, the official he added. He presently holds a 0.7 p.c stake in Samsung Electronics and a 17.97 p.c stake in Samsung C&T. 

The late Samsung chairman, who constructed the nation’s largest conglomerate, died in October final 12 months at aged 78, greater than six years after being hospitalized for a coronary heart assault in 2014. He held a 4.18 p.c stake in Samsung Electronics and a pair of.88 p.c in Samsung C&T. He left behind property amounting to greater than 22 trillion gained ($19 billion), together with shares estimated at round 19 trillion gained.

By Choi Jae-hee ([email protected])

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