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Samsung Electronics Chairman Lee suffers tumble in stock value

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(Globalpost/GlobalPost)

SEOUL, June 16 (Yonhap) -- Samsung Electronics Co. Chairman Lee Kun-hee, South Korea's richest man, saw the value of his stock holdings plunge more than 7 percent this month in the wake of a tumble in the company's stock price, data showed Sunday.

As of Friday, Lee's holdings of shares in Samsung Electronics and its affiliates were valued at 11.32 trillion won (US$10 billion), down 7.2 percent, or 874.7 billion won, from the beginning of this month, according to the data by Chaebol.com, which tracks the country's family-run conglomerates, known as chaebol.

The chairman's wife, Hong Ra-hee, also suffered an 11 percent drop in the value of her stock holdings, with Lee Jae-yong, the chairman's son and the vice chairman of Samsung Electronics, seeing his stock holdings fall 11 percent in value.

The nosedive in Samsung chairman's stock value came after the share price of the world's top smartphone maker tumbled early this month following JP Morgan's downgrade of its target price for Samsung Electronics, citing a possible drop in sales of Samsung's flagship Galaxy S4 smartphones.

On June 7 alone, Samsung Electronics plunged 6.18 percent from the previous session.

The recent bear market also made a dent in the value of stocks held by other conglomerate owners.

Chung Mong-koo, the chairman of Hyundai Motor Group and the country's second-wealthiest man in terms of stock holdings, saw the value of his stocks decline 6.3 percent, or 394 billion won, over the cited period.

According to the data, only two of the 15 tycoons with stock holdings worth 1 trillion won or more saw their stock value rise during the period.

The value of stocks held by Lee Myung-hee, the chairman of retail giant Shinsegae, rose 1.2 percent over the cited period, with that of Cho Yang-rai, the chairman of Hankook Tire Co., gaining 0.4 percent.

The combined value of stocks held by the 15 rich people totaled 37.74 trillion won as of Friday, down 5.6 percent from June 1, the data showed.

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