Booyoung Group Chairman Lee Joong-keun, currently under trial for tax evasion, embezzlement and breach of trust, pocketed the largest amount of dividends last year among C-suite executives at unlisted Korean firms, industry data showed on April 16.
Lee took home 59.96 billion won (US$56 million), which was more than double his share in 2016, according to data compiled by the Financial Supervisory Service and leading conglomerate tracker Chaebul.com.
|Boo-young chairman Lee Joong-keun|
The 77-year-old tycoon holds a 93.79 percent stake in Booyoung Group, which has over 20 unlisted affiliates. Broken down, he received 30.73 billion won from Dongkwang Housing Industry, 17.79 billion from Booyoung, 8.57 billion won from Gwangyoung Construction, 1.93 billion won from Booyoung Finance and 950 million won from Daehwa City Gas.
Dongkwang Housing Industry, despite seeing its operating profit fall by 6 billion won, still doled out the dividends.
Following Lee, Dongeun PF CEO Choi Sung-wook earned 40 billion won dividends from affiliates such as Yeonho MS and Dongeun PF. His father, Choi Yeon-hak bagged 21 billion won to place fourth.
In third place was Kyobo Life Insurance Chairman Shin Chang-jae, who holds 33.78 percent stake in the insurer and received dividends of 34.63 billion won. Kwon Hyuk-bin, founder of Korean game giant Smilegate, was next with 14.91 billion won, along with Aju Group Chairman Moon Kyu-young with 14.86 billion won.
Nexon founder Kim Jung-ju
followed with 14.1 billion won on the back of Nexon’s record-breaking year.
By Ahn Sung-mi (email@example.com