South Korea to decide on Samsung daughters' life insurance shareholder eligibility

The regulator is expected to rule in their favour, sources revealed.

South Korea’s Financial Services Commission (FSC) will decide on whether the two daughters of late Samsung Group Chairman Lee Kun-hee are eligible to become major shareholders of Samsung Life Insurance, according to media reports.

The FSC is expected to take their side, reports said citing sources, as the regulator will hold a meeting on 7 July to discuss the confirmation of family members’ application to change the life insurer’s largest shareholder.

The family had reported that they shared Lee’s 20.76% stake in the life insurer with his son, Lee Jae-yong, who received half of this stake. With the 0.06% he already holds, his stake in Samsung Life Insurance rises to 10.44%, reports said.

Daughters Boo-jin and Seo-hyun inherit 6.92% and 3.46%, respectively, according to the company’s regulatory filing released 30 April.

On the other hand, the qualification reviews for Lee Jae-yong will be held separately later this year.