Financial Supervisory Service Official: "Lee Jae-yong Deemed 'Qualified' as Major Shareholder of Samsung Life Insurance"

Lee Jae-yong, Vice Chairman of Samsung Electronics / Photo by Jin-hyung Kang aymsdream@

[Asia Economy Reporter Kim Daehyun] A Financial Supervisory Service official stated that "Samsung Electronics Vice Chairman Lee Jae-yong is qualified as a major shareholder of Samsung Life Insurance."

On the 2nd, the FSS official said, "There are no particular issues regarding Vice Chairman Lee's legal requirements to maintain his status as a major shareholder of Samsung Life Insurance, so we have determined there is no problem."

Earlier, Vice Chairman Lee inherited half of the shares (20.76%) held by the late Samsung Electronics Chairman Lee Kun-hee, who was the largest shareholder of Samsung Life Insurance last year, increasing his stake in Samsung Life Insurance from 0.06% to 10.44%, becoming the largest individual shareholder.

The FSS is reportedly judging that Vice Chairman Lee does not violate any major shareholder qualification requirements. The bribery charges related to the state affairs manipulation case, for which Vice Chairman Lee was convicted and served a prison sentence, are legally unrelated to the major shareholder qualification review.

The Financial Services Commission plans to make a final decision on Vice Chairman Lee's major shareholder qualification in the upcoming fourth quarter.

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