The business of the giant Korean holding company Samsung is likely to undergo drastic changes. Speculators believe that after the death of Chairman I Kun-hia, the group will slim down or pay higher dividends to shareholders, says BBC. Kun-hi, the son of the conglomerate’s founder, also died on Sunday at the age of 78.
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Shares of Samsung C&T, the parent company of the Samsung Group, rose 21 percent on Monday. Samsung Life Insurance was also successful, adding almost 16 percent.
According to the BBC, the hopes and speculations connected with the further direction of Samsung stem, among other things, from the South Korean inheritance tax, which with its fifty percent is one of the highest in the world.
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“In the end, family members may have no choice but to sell stakes in companies that are not key from the holding company’s perspective,” said NH Investment analyst Kim Dong-yang.
Among the ways to avoid levies, the BBC mentions the payment of higher dividends. But the decision will be up to I Che-jong, I Kun-hia’s 52-year-old son. So far, Che Jong has formally acted as vice-chairman of the group, but in fact has led it.
Change everything except your wife
Kun-hi was also born in 1942 and helped his father, from a company that originally traded in noodles and fish, build the largest South Korean conglomerate. It has transformed the Samsung Electronics division, which previously imitated the competition with its products, into the world’s largest manufacturer of smartphones, TVs and memory chips.
The son of Samsung’s founder instilled in employees in an effort to stimulate innovation that they should change everything except their wife and children. The ranking of billionaires compiled by the Bloomberg agency puts his assets at $ 20.7 billion, around 474.8 billion crowns. This means the 66th position.
After the heart attack, I Kun-hi handed over the management of the company to his only son. “The chairman was a true visionary who transformed Samsung into a world leader in innovation and made the local company an industrial driver,” the company said in a statement.
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