[Breaking] Nexon Late Kim Jung-ju's Family Pays 29.3% Holding Company Shares as Inheritance Tax in Kind

[Image source=Yonhap News]

The heirs paid inheritance tax to the government in kind for the legacy left by founder Kim Jung-ju, who passed away last February. Payment in kind is a procedure where heirs pay inheritance tax with securities or real estate instead of cash, according to certain conditions.

NXC, the holding company of the Nexon Group, disclosed on the 31st that the Ministry of Economy and Finance acquired 852,190 shares, equivalent to 29.3% of the total shares, becoming the second-largest shareholder as of last February.

The combined shareholding of Kim, the founder's spouse Yoo Jung-hyun, a director at NXC, and their two daughters decreased from 98.64% to 69.34%. Director Yoo's shareholding remained the same at 34%, while the shares of the two children each decreased from 31.46% to 16.81%.

In September of last year, Director Yoo and the children inherited 1,963,000 shares of NXC under founder Kim's name, which at the time represented a 67.49% stake.