(Corrects last paragraph to clarify that the response to Kim’s comments came from Samsung Elec Vice Chairman Yoon Boo-keun, not Jay Y. Lee)
SEOUL, May 10 (Reuters) - South Korea’s antitrust chief said on Thursday that South Korea’s No. 1 conglomerate Samsung Group’s current ownership structure is not sustainable.
Korea Fair Trade Commission chief Kim Sang-jo told reporters on the sidelines of a meeting with business leaders that Samsung’s current ownership structure, resting on circular shareholding between companies such as Samsung C&T, Samsung Life Insurance, and Samsung Electronics , was not sustainable.
“The clear fact is, the current ownership and control structure of Samsung Group, which goes from Vice Chairman Jay Y. Lee to Samsung C&T to Samsung Life Insurance to Samsung Electronics, is not sustainable,” said Kim.
Kim said he urges Samsung Group heir and Samsung Electronics Vice Chairman Jay Y. Lee to make a decision concerning the ownership structure, adding that Samsung Electronics Vice Chairman Yoon Boo-keun, who attended the meeting, had told him it will be considered. (Reporting by Heekyong Yang; Writing by Joyce Lee; Editing by Muralikumar Anantharaman)