By Lee Hyo-sik
Staff Reporter
A growing number of chaebol owners here have transferred parts of their shareholdings to their children and other young relatives, producing more than 200 stock-rich minors. Among them, 12 have a net worth of more than 10 billion won, according to Chaebol.com (www.Chaebul.com) Thursday.
The provider of information on local conglomerates and their founding families said the number has increased since last summer as many CEOs of large business groups gave chunks of their shares to their offspring and other blood-related minors, taking advantage of the bearish stock market.
The U.S. sub-prime mortgage defaults pushed the global stock markets into turmoil. With lower share prices, chaebol owners pay lower gift taxes for parent-to-children stock transfers than they would when market conditions are good.
Chaebol.com said a total of 204 people under the age of 21 held shares valued at more than 100 million won as of June 24. They were all born after June 24, 1989.
The 20-year-old son of Heesung Electronics CEO Koo Bon-sik has shares in his father's company worth 50.2 billion won to top the list of 204. Bon-sik is the younger brother of LG Group Chairman Koo Bon-moo.
The eight-year-old son of GS Holdings Vice President Huh Yong-soo came in second by holding stakes in GS Holdings, the holding company of GS group, worth 22 billion won, followed by the 15-year-old son of Sungwon Corp. Chairman Jeon Yoon-soo with equities valued at 21.2 billion won.
The 18-year-old daughter of Amore Pacific Corp. CEO Suh Kyung-bae has 18.3 billion won worth of shares. She is followed by the 15-year-old eldest son of KCC Chairman Chung Mong-jin, holding 16.3 billion won in stocks.