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Hansung-sook, former CEO of Naver. (Photo courtesy of Naver) |
[Alpha Biz= Paul Lee] Hansung-sook, the nominee for Minister of SMEs and Startups and former CEO of Naver, has decided to sell her entire stake in Naver, amounting to approximately 2.3 billion KRW (around USD 1.66 million).
According to government sources, Han will divest all 8,934 shares of Naver she currently owns if officially appointed to the post.
Under the current Public Service Ethics Act, senior public officials must divest or place in a blind trust any stock holdings exceeding 30 million KRW (approx. USD 21,500) within two months of assuming office, to prevent conflicts of interest during public service.
Han’s mother will also sell her shares in Hyundai Motor (575 shares worth 110 million KRW) and Samsung Electronics (2,589 shares worth 150 million KRW). The combined divestment is estimated at 2.56 billion KRW, expected to be completed within a week.
Han joined Naver in 2007 and served as CEO from 2017 to 2022.
Given the Ministry of SMEs and Startups oversees support programs for small businesses, startups, and ventures, concerns have been raised about potential conflicts of interest should Han be appointed.
In addition to declared assets, Han also holds Naver stock options worth approximately 25.44 billion KRW and restricted stock units (RSUs) worth about 439.96 million KRW. However, these are not subject to divestment until exercised or vested.
Han also owns international stocks and ETFs, including Tesla (approx. 1.03 billion KRW), Apple (approx. 246 million KRW), Palantir (approx. 111 million KRW), and Nvidia (approx. 92 million KRW), which are not subject to the divestment rule.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
