[Asia Economy Reporter Hwang Junho] The second wife of Jung Mong-ik, chairman of KCC Glass, who was embroiled in a 'bigamy' controversy, has purchased shares in KCC.
According to the Financial Supervisory Service's electronic disclosure system on the 27th, on the 23rd, Jung Mong-jin, chairman of KCC Group, disclosed adding Ms. Gwak Ji-eun as a special related party in his stock holding status report. Special related parties refer to relatives within six degrees of paternal bloodline and affiliates with 30% or more investment.
On the 16th, Ms. Gwak purchased 4,954 shares (0.03%) of KCC Glass at 43,926 KRW per share. On the same day, she also bought about 421 shares of KCC at 388,700 KRW per share. In total, she spent 381.25 million KRW to acquire the shares that day. Ms. Gwak stated that she purchased the stocks using her income and held cash.
The shareholding ratio is insignificant. However, this share purchase is meaningful as it signifies that Ms. Gwak has been recognized as the official wife of Jung Mong-ik, chairman of KCC Glass and the younger brother of Chairman Jung Mong-jin. This month, Ms. Gwak gained the status of a special related party after Jung Mong-ik finalized his divorce lawsuit with his first wife after nine years. Jung Mong-ik married Choi Eun-jeong, the younger sister of Choi Eun-young, chairman of Yusoo Holdings and the niece of the late Shin Kyuk-ho, honorary chairman of Lotte, in 1990. However, their marriage was troubled, and a divorce lawsuit was filed in 2013.
At that time, Jung Mong-ik lost the case, and during the ongoing second trial in 2015, he married Ms. Gwak, sparking a bigamy controversy. To prove that his previous family had already broken down, Jung revealed that he had two sons with Ms. Gwak in 2007 and 2011, but the bigamy controversy only intensified. The lawsuit proceeded to the Supreme Court, but Jung Mong-ik consecutively lost. Later, in 2019, Ms. Choi filed another divorce lawsuit including a property division worth 112 billion KRW, leading to further legal battles until this month when a 'reasonable settlement' was reached, concluding the long divorce litigation.
An industry insider commented, "Chairman Jung Mong-ik, who has finally welcomed his wife again after difficulties, seems to have allowed her to purchase shares like other family members to establish her position as a family member." Hong Eun-jin, wife of Chairman Jung Mong-jin, also holds 502 shares of KCC and 472 shares of KCC Glass.
Ms. Gwak is not expected to appear on the front lines of management. She is a former model and was born in 1978, making her 16 years younger than her husband, Chairman Jung Mong-ik. However, the couple has two young children, and currently, aside from the three brothers of the late Jung Sang-young, chairman of KCC Group, the only family member involved in management is Jung Jae-rim, daughter of Chairman Jung Mong-jin.
Meanwhile, KCC Group stated, "This matter is personal, and the company has no comment."
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