Choi Hwiyoung to Sell All Naver Shares, Says Children's Gift Taxes Were Paid Legally

Plans to Sell Unlisted Shares as Well
Gifted 800 Million Won in Cash Each to Eldest Son and Daughter
Clarifies: "Gift Taxes Properly Paid with This Money"

Choi Hwi-young, the nominee for Minister of Culture, Sports and Tourism, announced that he will sell all of his Naver shares if he assumes office. He also clarified suspicions regarding the payment of his children's gift taxes, stating that the taxes were paid through proper legal procedures.

On July 28, Choi made these statements in a written response submitted to Lim Ohkyung, a member of the National Assembly's Culture, Sports and Tourism Committee from the Democratic Party of Korea. He said, "Because Naver shares are deemed to be closely related to my official duties, I plan to promptly sell all shares held by myself, my spouse, and my eldest daughter." Choi previously served as the CEO of NHN, the predecessor of Naver.

He also stated that he would dispose of unlisted shares. "Since the shares of Nol Universe, an unlisted company, are also considered to be closely related to my official duties, I plan to sell all of them. If selling is difficult, I will place them in a blind trust," he explained. "As for Deulgukhwa Company shares, I will take appropriate measures depending on the results of an official duty relevance review."

According to the personnel hearing request submitted to the National Assembly, Choi currently holds Naver shares worth 7,865,770,000 won in his own name, as well as unlisted shares in Nol Universe (6,028,680,000 won) and Deulgukhwa Company (214,020,000 won), totaling 14,264,510,000 won in stocks.

He also clarified suspicions regarding the payment of his children's gift taxes, explaining that the taxes were paid in accordance with legal procedures. In 2010, he gifted 800 million won in cash each to his son and daughter, and the children used this cash to pay additional gift taxes.

According to the personnel hearing request, Choi's son received real estate worth 1,024,000,000 won in 2021 and paid approximately 220,000,000 won in gift taxes. His daughter received securities worth 530,000,000 won and paid about 83,000,000 won in gift taxes. Since both had no significant income in the past five years, suspicions arose that Choi had paid the gift taxes on their behalf.

Culture, Sports and Tourism Minister nominee Hwiyoung Choi is arriving for his first day at the confirmation hearing preparation office set up in Jongno-gu, Seoul on the 14th. Photo by Yonhap News