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News Briefing Hyundai Motor s Chung is richest among chaebol

Summary: 한겨레 Chung Eui sun vice chairman of Hyundai Motor Co and the only son of Hyundai Motor Chairman Chung Mong koo is confirmed the richest shareholder among the heirs to South Korea s top 30 chaebol industrial conglomerates data showed Thursday According to Chaebul com an online site that specializes in information concerning big businesses and family owned conglomerates the 40 year old Chung s stock assets were worth 2 26 trillion Won $1 98 billion on the basis of Wednesday s closing price at the Korea Exchange KRX Thanks to skyrocketing stock prices by more than 50 percent from the beginning of this year he topped the pecking order where the site compared the market values of stock holdings owned by 59 chaebol children Chung owns a 31 88 percent stake in Glovis Hyundai s logistics subsidiary and owns minor stakes in Hyundai Motor and Kia Motor Father and son of Chung s family have been critisized for expedient wealth transfer by using straw business tactics The slang stems from making money transfers so effortless like sucking water through a straw Chung s family created an affiliate and have had Hyundai Motor and Kia Motor provide a variety of business deals to enhance the affiliate s share value Rising share value has given the junior Chung necessary money to buy stake in other core businesses Lotte Group Vice Chairman Shin Dong bin 55 son of Lotte Group founder Shin Kyuk ho placed second at 2 23 trillion Won while Lotte Japan Vice President Shin Dong joo 56 the senior Shin s another son came in third at 2 18 trillion Won Chung Yong jin vice chairman of retail group Shinsegae Group and the only son of group Chairwoman Lee Myung hee ranked fourth at 927 2 billion Won He was followed by Koo Kwang mo the son of LG Group Chairman Koo Bon moo 674 5 billion Won and Lee Jae yong an executive vice president at Samsung Electronics and the only son of Lee Kun hee 668 1 billion Won In house subcontractors continue sit in at Hyundai Motor plant 　 About 400 in house subcontractors employed by a Hyundai subcontractor have continued their sit in strike for the fourth day in Hyundai Motor Co s Ulsan plant demanding that they be hired on a regular contract Nov 18 Even though Hyundai Motor brought in additional workers Thursday on two of the three assembly lines against the strike started on Monday one line continue to be under striking workers control The carmaker says that it has no responsibility or power to negotiate contract conditions with the striking workers as the company is not their employer Hyundai vice president Kang Ho don said in a statement that if the situation continues a reduction in production hours and even a temporary closure of some facilities will become unavoidable filing damage suits demanding billions Won for compensation against striking workers However civil and labor organizations in Ulsan held a press conference to support the strike and denounce the management s response S Korea ready to reimpose bond tax on foreign owners 　　 The finance ministry on Thursday showed its will to support the legislation that would reimpose a tax on foreign holdings of Korean government bonds as part of an effort to reduce capital inflows Vice Finance Minister Yim Jong yong said the ministry will help the legislation proposed by two lawmakers from the ruling Grand National Party enact arguing that the recent quantitative easing measures taken by the United States and low global interest rates led to a rapid flow of foreign capital into Korea causing the won to appreciate The ministry prefers a variable tax rate that could be adjusted to changing circumstances rather than the revival of a 14 percent rate on interest and capital gains on bond holdings Yim added Please direct questions or comments to englishhani hani co kr 세상을 보는 정직한 눈 한겨레신문 구독 | 한겨레21 구독 공식 SNS 계정 트위터 www twitter com hanitweet 미투데이 http me2day net hankyoreh ⓒ 한겨레신문사 무단전재 및 재배포 금지 한겨레 Chung Eui sun vice chairman of Hyundai Motor Co and the only son of Hyundai Motor Chairman Chung Mong koo is confirmed the richest shareholder among the heirs to South Korea s top 30 chaebol industrial conglomerates data showed Thursday According to Chaebul com an online site that specializes in information concerning big businesses and family owned conglomerates the 40 year old Chung s stock assets were worth 2 26 trillion Won $1 98 billion on the basis of Wednesday s closing price at the Korea Exchange KRX Thanks to skyrocketing stock prices by more than 50 percent from the beginning of this year he topped the pecking order where the site compared the market values of stock holdings owned by 59 chaebol children Chung owns a 31 88 percent stake in Glovis Hyundai s logistics subsidiary and owns minor stakes in Hyundai Motor and Kia Motor Father and son of Chung s family have been critisized for expedient wealth transfer by using straw business tactics The slang stems from making money transfers so effortless like sucking water through a straw Chung s family created an affiliate and have had Hyundai Motor and Kia Motor provide a variety of business deals to enhance the affiliate s share value Rising share value has given the junior Chung necessary money to buy stake in other core businesses Lotte Group Vice Chairman Shin Dong bin 55 son of Lotte Group founder Shin Kyuk ho placed second at 2 23 trillion Won while Lotte Japan Vice President Shin Dong joo 56 the senior Shin s another son came in third at 2 18 trillion Won Chung Yong jin vice chairman of retail group Shinsegae Group and the only son of group Chairwoman Lee Myung hee ranked fourth at 927 2 billion Won He was followed by Koo Kwang mo the son of LG Group Chairman Koo Bon moo 674 5 billion Won and Lee Jae yong an executive vice president at Samsung Electronics and the only son of Lee Kun hee 668 1 billion Won In house subcontractors continue sit in at Hyundai Motor plant 　 About 400 in house subcontractors employed by a Hyundai subcontractor have continued their sit in strike for the fourth day in Hyundai Motor Co s Ulsan plant demanding that they be hired on a regular contract Nov 18 Even though Hyundai Motor brought in additional workers Thursday on two of the three assembly lines against the strike started on Monday one line continue to be under striking workers control The carmaker says that it has no responsibility or power to negotiate contract conditions with the striking workers as the company is not their employer Hyundai vice president Kang Ho don said in a statement that if the situation continues a reduction in production hours and even a temporary closure of some facilities will become unavoidable filing damage suits demanding billions Won for compensation against striking workers However civil and labor organizations in Ulsan held a press conference to support the strike and denounce the management s response S Korea ready to reimpose bond tax on foreign owners 　　 The finance ministry on Thursday showed its will to support the legislation that would reimpose a tax on foreign holdings of Korean government bonds as part of an effort to reduce capital inflows Vice Finance Minister Yim Jong yong said the ministry will help the legislation proposed by two lawmakers from the ruling Grand National Party enact arguing that the recent quantitative easing measures taken by the United States and low global interest rates led to a rapid flow of foreign capital into Korea causing the won to appreciate The ministry prefers a variable tax rate that could be adjusted to changing circumstances rather than the revival of a 14 percent rate on interest and capital gains on bond holdings Yim added Please direct questions or comments to englishhani hani co kr 세상을 보는 정직한 눈 한겨레신문 구독 | 한겨레21 구독 공식 SNS 계정 트위터 www twitter com hanitweet 미투데이 http me2day net hankyoreh ⓒ 한겨레신문사 무단전재 및 재배포 금지

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