The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: July 2.
Tencent circles Nexon as Seoul sells 30% holding
The South Korean government has launched the sale of its 30.6% stake in NXC Corp., the holding company of gaming giant Nexon, which it acquired from the late founder Kim Jung-ju’s family as inheritance tax payment. The stake, valued at around 4.7 trillion won ($3.4 billion), is being marketed by IBK Investment & Securities, with preliminary bids due by August 25. While the deal is structured as a block sale, it may be split depending on investor demand. Tencent Holdings has emerged as a top contender, potentially positioning itself as NXC’s second-largest shareholder, aligning with its history of minority but influential stakes in major Korean game firms. However, the Kim family retains control, likely keeping full management rights out of reach for any buyer.
Startup over succession? Chey In-keun steps back from SK E&S
Chey In-keun, the youngest son of SK Group Chairman Chey Tae-won and Art Center Nabi Director Roh Soh-yeong, has taken a leave from SK E&S to prepare for a startup venture, mirroring the entrepreneurial path of his sister Chey Min-jeong. His departure leaves only one of the three siblings still working within the conglomerate. Educated at Brown and formerly based at SK’s North American arm Passkey, Chey’s decision has renewed interest in SK’s succession plans. Despite his leave, he remains close to his father and continues to appear at public events, while the group’s U.S. energy operations undergo strategic restructuring.
Ex-PM, industry minister questioned over martial law probe
South Korea’s special prosecutor team summoned former Prime Minister Han Duck-soo and current Industry Minister Ahn Duk-geun on July 2 as part of its investigation into alleged insurrection tied to the Dec. 3 martial law plan under former President Yoon Suk-yeol. Prosecutors are probing the drafting and later destruction of a revised martial law proclamation, reportedly signed by Han and withdrawn over concerns it could spark controversy. Both Han and Ahn appeared for questioning at the Seoul High Prosecutors’ Office without commenting to the press. Ahn, though not present at the relevant Cabinet meeting, is expected to be questioned about related discussions.
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[The Chosun Daily]
- Copyrights ⓒ 조선일보 & chosun.com, 무단 전재 및 재배포 금지 -
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Nexon headquarters located in Bundang-gu, Seongnam, Gyeonggi Province./News1 |
Tencent circles Nexon as Seoul sells 30% holding
The South Korean government has launched the sale of its 30.6% stake in NXC Corp., the holding company of gaming giant Nexon, which it acquired from the late founder Kim Jung-ju’s family as inheritance tax payment. The stake, valued at around 4.7 trillion won ($3.4 billion), is being marketed by IBK Investment & Securities, with preliminary bids due by August 25. While the deal is structured as a block sale, it may be split depending on investor demand. Tencent Holdings has emerged as a top contender, potentially positioning itself as NXC’s second-largest shareholder, aligning with its history of minority but influential stakes in major Korean game firms. However, the Kim family retains control, likely keeping full management rights out of reach for any buyer.
Startup over succession? Chey In-keun steps back from SK E&S
Chey In-keun, the youngest son of SK Group Chairman Chey Tae-won and Art Center Nabi Director Roh Soh-yeong, has taken a leave from SK E&S to prepare for a startup venture, mirroring the entrepreneurial path of his sister Chey Min-jeong. His departure leaves only one of the three siblings still working within the conglomerate. Educated at Brown and formerly based at SK’s North American arm Passkey, Chey’s decision has renewed interest in SK’s succession plans. Despite his leave, he remains close to his father and continues to appear at public events, while the group’s U.S. energy operations undergo strategic restructuring.
Ex-PM, industry minister questioned over martial law probe
South Korea’s special prosecutor team summoned former Prime Minister Han Duck-soo and current Industry Minister Ahn Duk-geun on July 2 as part of its investigation into alleged insurrection tied to the Dec. 3 martial law plan under former President Yoon Suk-yeol. Prosecutors are probing the drafting and later destruction of a revised martial law proclamation, reportedly signed by Han and withdrawn over concerns it could spark controversy. Both Han and Ahn appeared for questioning at the Seoul High Prosecutors’ Office without commenting to the press. Ahn, though not present at the relevant Cabinet meeting, is expected to be questioned about related discussions.
One minute, that’s all it takes to know about Korea. Click here ☞ https://page.stibee.com/subscriptions/305897
[The Chosun Daily]
- Copyrights ⓒ 조선일보 & chosun.com, 무단 전재 및 재배포 금지 -
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