FSC allows Samsung scion to buy insurance firm shares

The Financial Services Commission yesterday approved Samsung Group heir-apparent Jay Y. Lee’s acquisition of a 0.06 percent stake in Samsung Life Insurance and a 0.09 percent stake in Samsung Fire & Marine Insurance, making it easier for the only son of Samsung Chairman Lee Kun-hee to expand his influence across the group.

Lee has been playing a bigger role during his father’s illness. According to the FSC, Lee said in a statement submitted to the commission in August that he sought to acquire stakes in the two insurers in order to play an active role in decision-making.

With the authority’s approval, Lee will own 120,000 shares in the life insurer, which are worth about 12.9 billion won ($12.3 million). For the nonlife insurer, he will own 44,000 shares worth about 12.5 billion won.