Seven kids with $33 million each have same grandfather

Shown above is the head office of Hanmi Science and its subsidiary Hanmi Phyarmaceutical in Seoul. Hanmi Science Chairman Lim Sung-ki bequethed more than 600,000 company shares to each of his seven grandchildren, worth 37.4 billion won in total. / Yonhap

Hanmi Science owner’s grandchildren are already stock-rich

By Lee Min-hyung

Hanmi Science chief Lim Sung-ki

Grandchildren of Hanmi Science Chairman Lim Sung-ki topped the list of the nation’s stock-rich among those aged below 12, according to the Korea Exchange, Sunday.

Lim’s seven grandchildren, surnamed Lim and Kim, held 37.4 billion won ($32.9 million) in stocks as of the end of last year, respectively. The data is based on stockholders for listed companies whose stock value exceeds 100 million won.

Hanmi Science was established in 2010 as a holding company for Hanmi Pharmaceutical, offering a series of research and development investments and management consultancy.

The Hanmi Science chief bequeathed more than 600,000 company shares to each of his grandchildren, aged between 9 and 11. Its subsidiary Hanmi Pharmaceutical is one of the country’s major drug makers.

Lim’s other grandson, 14, held stocks worth 38.3 billion won, but was excluded from the list due to his age.

An 11-year-old grandson of Cho Chang-gul, founder and honorary chairman of Hanssem Group, followed the list by holding stocks worth 7.3 billion won. Hanssem is the dominant leader in the local home furniture industry.

The youngest stock-rich heir on the list is surnamed Kim, born Jan. 4 last year. Kim held Miwon Chemicals stocks worth 478 million won. Other young major shareholders of the chemical products manufacturer include a two-year-old boy, Lee, holding stocks worth 160 million won, and Kim, 4, holding 580 million won in shares.

The relations between the three children with Miwon Chemicals Chairman Kim Chong-man are not known. The Anyang, Gyeonggi Province-based company makes sulfur and sulfuric acid products.

The Korea Exchange data also showed 67 children under the age of 12, including those mentioned above, holding more than 100 million won in stocks.

Others on the stock-rich children list include grandchildren from the top management of such companies as LS Group, Korea Zinc and Dongsuh.

Children’s bank balances reach 5 trillion won

Besides their stocks, bank balances for the children in the same age group reached 4.99 trillion won, according to the Financial Supervisory Service (FSS).

It showed that the number of bank accounts with more than 100 million won in balances was 607 as of the end of last year, with their combined value reaching 145.9 billion won.

This is in contrast to the nation’s average household bank balance of only 94 million won as of the end of March last year, the latest Bank of Korea data available.

“Financial authorities need to investigate whether there are any loopholes in the inheritance system as children with bank balances of over 100 million won are suspicious of taking advantage of the loopholes,” Rep. Min Byung-doo of the Democratic Party of Korea said.

“It is almost impossible for a child to have more than 100 million won in a bank balance as an allowance.”