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| ▲ The logo of Nexon Co., seen in this image provided by the company (PHOTO NOT FOR SALE) (Yonhap) |
Nexon-inheritance tax
Nexon late founder's family pays inheritance tax with stocks
SEOUL, May 31 (Yonhap) -- The family of Nexon's late founder Kim Jung-ju has paid inheritance tax with shares in the game developer's holding company NXC Corp., the firm said Wednesday.
NXC said in a filing that a 29.3 percent stake, or 852,000 shares, in the company is owned by the Ministry of Economy and Finance, becoming the second-biggest shareholder of the company, which controls the Tokyo-listed Nexon Co., a gaming giant with hit titles like "Nexus: The Kingdom of the Winds," "MapleStory" and "KartRider."
As a result, Yoo Jung-Hyun, Kim's wife, and her two daughters hold a combined 69.34 percent, down from 98.64 percent.
Kim, who founded Nexon in 1994, died in the United States in February last year at the age of 54.
The bereaved family members were expected to inherit over 10 trillion won (US$7.56 billion) worth of assets, including some 2 million shares in NXC, and pay about 6 trillion won in inheritance taxes.
NXC said the change in the stake will unlikely have an effect on the company's management. Yoo was appointed as an inside director of NXC at its shareholders' meeting in March, set to participate in the company's major decision-making process.
"The tax authorities have assessed the value of the reported inheritance under the due process of law and NXC paid part of its shares to the government," an NXC officialsaid. "After the payment, Yoo and other related members' management will remain stable as they have a nearly 70 percent share in the company."
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