The top financial regulator has called on financial affiliates of family-run business conglomerates, or chaebol, to map out plans to sell their stocks in non-financial affiliates.
The remarks by Financial Services Commission Chairman Choi Jong-ku on Friday were seen as a veiled warning to Samsung Life Insurance Co., which holds an 8.27 percent stake in Samsung Electronics Co.
Lawmakers proposed a bill that bans insurers from holding a more than 3 percent stake in non-financial affiliates. If the bill becomes law, Samsung Life Insurance would have to sell a part of its stake in Samsung Electronics.
Choi said it is "not desirable" for financial firms to do nothing on the matter until the bill becomes law.
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(Yonhap) |
Choi called for financial firms to "actively come up with plans" to unload their stocks in non-financial affiliates, without referring to Samsung Life Insurance by name.
Another financial affiliate of Samsung Group, Samsung Securities Co., has been under a firestorm of criticism after it mistakenly paid stocks to its employees as dividends in a "fat-finger" error.
Samsung Securities accidentally issued 112 trillion won worth of "ghost" stocks earlier this month and 16 employees at the brokerage sold off a combined 5.01 million shares.
Choi said financial authorities will "sternly punish" those responsible for the dividend chaos at Samsung Securities after the results of inspection into the brokerage come out.(Yonhap)
