SEOUL (Reuters) - South Korea’s antitrust chief said on Thursday that South Korea’s No. 1 conglomerate Samsung Group’s [SAGR.UL] current ownership structure is not sustainable.
Korea Fair Trade Commission chief Kim Sang-jo told reporters on the sidelines of a meeting with business leaders that Samsung’s current ownership structure, resting on circular shareholding between companies such as Samsung C&T, Samsung Life Insurance, and Samsung Electronics, was not sustainable.
“The clear fact is, the current ownership and control structure of Samsung Group, which goes from Vice Chairman Jay Y. Lee to Samsung C&T to Samsung Life Insurance to Samsung Electronics, is not sustainable,” said Kim.
Kim said he had called on Samsung Group heir and Samsung Electronics Vice Chairman Jay Y. Lee to make a decision concerning the ownership structure, adding that Lee had told him that he will think about it.
Reporting by Heekyong Yang; Writing by Joyce Lee; Editing by Muralikumar Anantharaman