Bum-soo Kim, chairman of the Kakao Board of Directors, recently donated more than KRW 50 billion of Kakao stock to two children in their 20s. However, it was confirmed that these children were actually attending a private company that controlled Kakao. This is where Chairman Kim owns 100%. It is pointed out that if children inherit this company, so-called’chaebol-style succession’ is possible in which the tail dominates the head.
This is Nahan Kim.
[기자]
It is a 15-story building in Gangnam, Seoul.
On top of this building is K Cube Holdings, a private company owned by Kakao Bum-soo Kim, a wholly-owned company.
This company has the largest stake in Kakao after Chairman Kim Bum-soo.
Although registered as a software company, there is no corporate activity.
Most of the profits are Kakao dividends.
There are five employees, but 1.4 billion won was paid in salary alone.
[카카오 관계자 : 사실 그게 저희랑 아무 사업적 관계도 없고, (의장님) 개인회사라서 저희가 그런 걸 상세히 몰라요.]
It has been confirmed that Chairman Kim’s son and daughter in their 20s have been working for this strange company for a year.
The brothers and sisters recently received 26.4 billion won worth of Kakao stock from their father.
There are concerns that Kakao is not succeeding in so-called chaebol-style succession.
Chairman Kim’s children can dominate Kakao by inheriting K Cube Holdings, a privately held company.
[이지우/참여연대 경제금융센터 간사 : 재벌 승계랑 되게 똑같은 루틴을 밟는 것이거든요. 아무것도 하는 일 없는 회사가…꼬리가 머리를 지배하는…]
We need to see if Chairman Kim’s children take ownership of K Cube Holdings or take control.
(Video Design: Yoo Jeong-bae / Intern reporter: Nam Ye-ji)