Choi Seong-hwan, President of SK Networks, Sells Stocks Worth 47.9 Billion KRW to Pay 'Gift Tax'

SK Networks announced that Choi Sung-hwan, President of Business Division, sold some of the company’s and SK Inc.’s shares worth a total of 47.9 billion KRW on the 24th.

Choi Seong-hwan, President of Business Division at SK Networks. [Photo by Yonhap News]

According to the electronic disclosure system on the 24th, President Choi sold 6,781,744 shares of SK Networks and 96,304 shares of SK on the same day.

The total amount secured by President Choi through the disposal of SK Networks and SK shares is approximately 47.9 billion KRW. His SK Networks shares decreased from 7,411,044 shares to 700,000 shares, and his stake dropped from over 3% to 0.32%.

SK Networks explained that this transaction was made to pay gift tax on SK Inc. shares that President Choi received as a gift from SK Group Chairman Chey Tae-won in 2018.

President Choi is the eldest son of former Chairman Choi Seon-won and the nephew of Chairman Chey Tae-won.