이 기사는 2021년 05월 03일 07:42 thebell 에 표출된 기사입니다.

Samsung heir Lee Jae-yong may not inherit the stake in Samsung Life Insurance owned by his late father Lee Kun-hee as the South Korea’s business tycoon faces a trial on charges of violating the country’s capital market law, which if convicted could make him ineligible to become the largest shareholder in the insurance firm.

After the Lee family unveiled Wednesday plans for the payment of the country’s largest inheritance taxes ever, the possibility has been raised that Lee Jae-yong may give up taking over the late chairman’s holding in Samsung Life Insurance and instead receive all of his father’s shares in Samsung Electronics.

The late chairman was the largest shareholder of Samsung Life Insurance with a 20.76% stake. This holding could be passed down to either or both of his two daughters – Hotel Shilla president Lee Bu-jin and Samsung Welfare Foundation director Lee Seo-hyun – industry watchers said.

In this scenario, Lee Jae-yong can strengthen his control of Samsung Electronics with linear shareholdings in which he controls the flagship company through Samsung C&T. Meanwhile, his sisters can control Samsung’s financial services affiliates through the insurance company.

The speculation is gaining ground because Lee Jae-yong – who has been in prison since January after receiving a 30-month sentence following his conviction of bribing the country’s ex-president – also faces a trial on charges of violating the capital market law. The prosecution last year indicted him on charges of unfair trading, stock price manipulation and violating accounting rules when he led the 2015 merger of Samsung C&T with Cheil Industries, a deal that helped cement his control over the conglomerate.

The largest shareholders of financial services firms are subject to stricter scrutiny in South Korea. Their qualification should be examined by financial authorities every two years. If they break any financial services rules and are sentenced to imprisonment or heavier penalties, their firms become a target of financial regulators.

If Lee Jae-yong inherits his father’s holding in Samsung Life Insurance and is sentenced to additional prison time in the upcoming trial, he could be disqualified from being the largest shareholder in the insurance firm.

However, his sisters taking over the late chairman’s entire shares in Samsung Life Insurance would eliminate those concerns.

If the 20.76% stake is divided into all members of the Lee family, Samsung C&T, which owns 19.34% of Samsung Life Insurance, would be the largest shareholder. In this case, Lee Jae-yong will be monitored by financial regulators because he controls Samsung C&T with a 17.33% stake. (Reporting by Eun-sol Lee)