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| An investor watches the stock prices of Samsung Electronics, Samsung C&T and Samsung SDS on a screen in a stock trading room, downtown Seoul, Thursday. / Yonhap |
Korea Exchange asks Samsung to clarify death rumor
By Kim Yoo-chul
The stock prices of key Samsung affiliates soared Thursday on rumors that Samsung Electronics Chairman Lee Kun-hee is dead.
Samsung Electronics rose 2.08 percent to end at 1,425,000 won. Samsung SDS increased 3.99 percent to close at 143,500 won, while the group's de facto holding company, Samsung C&T, was up 4.68 percent at 123,000 won.
More than 2.4 million Samsung C&T shares were traded, a sevenfold surge from the previous session.
Early Thursday, a rumor about Lee's death began spreading quickly. According to the rumor, the Samsung Corporate Strategy Office, the group control tower, had planned to announce the business tycoon's death.
According to the rumor, Samsung had told Cheong Wa Dae of the death, news of which was embargoed until 3 p.m.
But the strategy office was quick to shoot down the rumor, saying: "It's totally groundless."
Lee is the country's richest man, with an estimated net worth of $11 billion. The tycoon officially remains hospitalized after having heart surgery years ago.
A spokesman at the Financial Supervisory Service (FSS), the country's top financial regulator, said the agency will investigate whether groups and funds had spread the rumor to gain from speculative trading.
"We will investigate," a spokesman said.
KRX, the market operator, said it has asked Samsung Electronics to clarify rumors about the chairman's health. Samsung said it will give its official answer by Friday.
This was not the first rumor of Lee's death ― there have been about eight since he was hospitalized.
The Samsung Corporate Strategy Office is receiving updates on Lee's health from the Samsung Medical Center in southern Seoul.
The managerial vacuum is being filled by the chairman's only son and Samsung Electronics Vice Chairman, Lee Jae-yong.
A power shift is also under way under the leadership of vice chairman Lee.
Samsung is selling non-core assets and asking affiliates to restructure unprofitable businesses. It has shifted its focus to software-driven segments, not areas that require advantages in manufacturing.
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