[Alpha Biz= Paul Lee] Seoul – Chung Yoo-kyung, Chairwoman of Shinsegae Inc., disclosed that she has secured a KRW 50 billion (approx. USD 36 million) loan from the Korea Securities Finance Corporation by pledging 460,000 shares of the company she owns. The move was made to help cover her gift tax obligations.
According to a regulatory filing with the Financial Supervisory Service (FSS) on September 7, the loan contract is valid until August 29, 2025. The pledged stake represents 4.77% of Shinsegae. Separately, Chung also provided 500,000 shares (5.18%) as collateral to the Yongsan Tax Office for her tax payment.
In May, Chung received a 10.21% stake in Shinsegae as a gift from her mother, Lee Myung-hee, Shinsegae Group’s Honorary Chairwoman. Following the transfer, Chung’s ownership in the company increased to 29.15%.
The share-backed loan will be used to pay part of her gift tax liability, while the remaining amount is expected to be paid in installments under South Korea’s deferred installment payment system (Yeonbu-yeonnap), which allows taxpayers to spread out inheritance or gift tax payments over time by providing collateral.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
