Chaebol families profit from duty-free race

(123RF)

The chaebol families of Shinsegae Group and Doosan Group earned fast fortunes on the stock market following the government approval of their bids to run duty-free shops in Seoul.

Shinsegae chairwoman Lee Myung-hee and her chaebol family made a total of 100 billion won ($85.5 million) in just two days prior to the government announcement, with a 16 percent jump in the retail giant’s stocks. On the second day of those two days, Shinsegae stock prices jumped as high as 12.06 percent.

Of the 100 billion won, Lee alone made about 65.5 billion won, with her stocks having appreciated to 474.6 billion won.

As of Sept. 2, Doosan stocks owned by Doosan Group chairman Park Yong-maan jumped 14 billion won to 87.9 billion won in two months.

During the same period, stocks owned by Park’s chaebol families, including Doosan Group honorary chairman Park Yong-gon, former Doosan Group chairman Park Yong-sung and Doosan Yonkang Foundation head Park Yong-hyun, also jumped 25 billion won in total. 

By Chung Joo-won (joowonc@heraldcorp.com)