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[Alpha Biz=(Chicago) Reporter Kim Jisun] Chung Yoo-kyung, president of Shinsegae Group, was recently confirmed to have taken out KRW 120 billion in loans on Shinsegae shares as collateral. The move is interpreted as aimed at paying Shinsegae stock gift taxes received from his mother, Shinsegae Group Chairman Lee Myung-hee.
Analysts say the inheritance process is nearing its end as the amount of loans received last year has also increased to 120 billion won following 80 billion won received last year. However, as most of the shares held by Chung Yoo-kyung (18.56%) were tied up as collateral, the risk of Shinsegae stock price fluctuations increased.
According to the Financial Supervisory Service's electronic disclosure system on the 5th, Chung signed a stock collateral contract with 920,000 Shinsegae shares as collateral to borrow 120 billion won from Korea Securities Finance on June 30. This amounts to 9.34% of Shinsegae's total stocks. The contract period is until June 30 next year, and the interest rate is set at 4.99%.
Earlier in 2020, Chairman Lee Myung-hee gave his children, Shinsegae Group Vice Chairman Chung Yong-jin and General President Chung Yoo-kyung, an 8.22% stake in E-Mart and an 8.22% stake in Shinsegae, respectively.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
