`King`-Late Chairman`s Inheritance, 60.3 Billion Won

Hyundai Group founder, late Chung Ju-yung`s inheritance had once estimated over 5 Trillion won according to Forbes magazine in 1995, but it is known that the actual figure was close to 60.3 billion won. It is because that Hyundai subsidiary companies with financial difficulties including Hyundai Engineering and Construction Co. financed their shares, and due to downfall of real estate and stock market for last two or three years real asset value was significantly devalued.

According to Hyundai Group on 4th, the family of the deceased is expected to receive about 30 billion won, after 50% of inheritance tax.

However, due to volatility of stocks and real estates which consist of the majority of the inheritance, the value of the inheritance to be received by the bereaved family is hard to be estimated.

According to related legal code, widow Mrs. Byun Joong-seok is expected to receive 4.32 billion won out of 30 billion won, and the remaining is to be shared among 7 survivals of offsprings including Jung Mong-gu (Chairman of Hyundai Motors), and family members of late Jung Mong-pil and late Jung Mong-woo. Excluding the widow, those inheritances are expected to receive 2.88 billion won equally. The list of inheritance includes, - Hyundai Heavy Industry`s stock 386843 shares and total of shares worth 33.5 billion won, - 9.8 billion worth of real estate including residence in Chong-woon Dong, - Hyundai Engineering and Construction`s corporate bonds worth 15.0 billion won, and - cash and demand deposit worth 2 billion won. And high value possessions and antique was not on the list.

In case that the inheritance tax are paid by family of late Jung, it would be the third highest. The family of Lee Yim-yong, founder of Taekwang Industrial Co. Ltd. who paid 106 billion won by cash recorded the highest. And Chairman Choi Tae-won, first son of SK founder Choi Jong-hyun, paid 72.9 billion won.

daviskim@donga.com