Kim Jung-ju Nexon Founder’s Family Completes Inheritance Tax Filing... Estimated at 6 Trillion Won

Kim Jung-ju, Founder of Nexon
Photo by Yonhap News

[Asia Economy Reporter Seungjin Lee] The family of the late Kim Jung-ju, the founder of Nexon and former director of NXC (Nexon's holding company), recently reported inheritance tax exceeding 6 trillion won to the tax authorities and has paid a portion of it, sources said on the 31st.

The family of founder Kim includes his spouse, Yoo Jeong-hyun, an auditor at NXC, and their two daughters. As of the end of last year, Kim held 67.49% of NXC, the holding company of Nexon, his wife Yoo held 29.43%, and the two children each held 0.68%. The Kim family’s total stake amounted to 98.28%.

Currently, Nexon’s market capitalization on the Tokyo Stock Exchange in Japan is approximately 24 trillion won. When combining Kim’s NXC shares and other invested company shares, the total inheritance asset size is reported to exceed 10 trillion won. Applying a simple inheritance tax rate of 65% to this results in an estimated inheritance tax of about 6 trillion won.

The 65% inheritance tax rate is because Kim was the largest shareholder of a large corporation holding more than half of the voting shares, so the legal maximum tax rate of 50% was applied along with a 30% premium on stock valuation, plus an additional 15% calculated by applying a 50% inheritance tax rate.

The deadline for reporting this inheritance tax was the end of this month. Although there were speculations that the family might sell their shares due to the enormous tax burden, it is reported that auditor Yoo decided to inherit the shares after consulting with a law firm.

This content was produced with the assistance of AI translation services.