[2024 National Audit] Hyundai Motor, KT's Largest Shareholder, "No Plans to Intervene in KT Management"

Rep. Kim Hyun Questions KT Shareholding Changes
Points Out Ministry of Science and ICT's Written Resolution on Public Interest Review

[Image source=Yonhap News]

Regarding Hyundai Motor Company becoming the largest shareholder of KT, Kim Seung-su, Vice President of Hyundai Motor, stated, "There are no plans to intervene in KT's management."

On the 8th, Kim Hyun, a member of the Democratic Party of Korea, questioned the process by which Hyundai Motor became KT's largest shareholder during the National Assembly's Science, Technology, Information and Broadcasting and Communications Committee audit.

Previously, the National Pension Service, which was KT's largest shareholder, sold some of its shares, and Hyundai Motor Group, the second-largest shareholder, became the largest shareholder.

When Representative Kim asked Kim Tae-hyun, Chairman of the National Pension Service, why they sold KT shares, Chairman Kim replied, "The stock investment ratio is determined annually by the Fund Management Committee," adding, "It was part of the asset management process."

Representative Kim inquired of Vice President Kim Seung-su, "Since when did Hyundai Motor know it would become the largest shareholder?" Kim responded, "We proceeded with mutual equity investments to strengthen the execution and continuity of business partnerships."

Kim Hyun, Member of the Democratic Party of Korea [Image source=Yonhap News]

Vice President Kim added, "(Becoming the largest shareholder) was not our intention," and "We involuntarily became the largest shareholder due to the National Pension Service's sale."

When Representative Kim asked, "Do you have any plans to intervene in KT's management?" Vice President Kim said, "The mutual equity investment was made to strengthen the execution of business partnerships, and there are no plans to intervene in KT's management."

Representative Kim raised concerns about the public interest review of Hyundai Motor Group, which was conducted in writing to determine its suitability as the largest shareholder. In response, Yoo Sang-im, Minister of Science and ICT, stated, "The written public interest review was conducted over two weeks, allowing sufficient time to enhance objectivity, efficiency, and fairness."

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