Naver former CEO Han Seong-sook, a candidate for the Minister of SMEs and Startups, has decided to sell all her shares in Naver, according to a report by Yonhap News. On the 3rd, government sources indicated that should she assume office, Han would immediately sell her 8,934 shares of Naver, valued at 2.3 billion won.
The current Public Officials Ethics Act requires high-ranking officials who possess more than 30 million won in stocks, either personally or through related parties, to sell these shares or place them in a blind trust within two months, aiming to prevent potential conflicts of interest during their public duties.
Additionally, Han’s mother plans to sell her shares, including 575 shares in Hyundai Motor Company (worth 110 million won) and 2,589 shares in Samsung Electronics (worth 150 million won). The total value of stocks to be sold by Han and her mother amounts to 2.56 billion won, with the sales expected to be completed within a week.
The Ministry of SMEs and Startups explained that the decision to sell the stocks considered potential market impacts. Han has been involved with Naver since 2007 and served as CEO from 2017 to 2022. Currently, she is an advisor to Naver. The Ministry oversees small businesses, startups, and venture companies, and Han’s appointment could raise concerns about conflicts of interest with Naver.
Han also disclosed assets including stock options worth 25.44 billion won and restricted stock units (RSUs) amounting to 439.96 million won. Stock options, which allow the purchase of shares at a predetermined price within a certain period, are not subject to disposal under the Public Officials Ethics Act until they are exercised. There are no legal restrictions against public officials holding stock options beyond this law.
Han does not need to dispose of her holdings in foreign stocks and exchange-traded funds (ETFs). According to guidelines, shares of foreign companies that are primarily located outside the domestic market and are not listed in domestic markets are exempt from the blind trust system.
Han holds shares in foreign companies and ETFs, including Tesla (worth approximately 1.034 billion won), Apple (approximately 246 million won), Palantir (approximately 111 million won), and Nvidia (92 million won).