Choi Shin-won, Former Chairman of SK Networks. (Photo: Yonhap News)

 

 

[Alpha Biz= Kim Jisun] Choi Shin-won, former chairman of SK Networks, has sold his entire stake in SK Inc.



According to the Financial Supervisory Service’s electronic disclosure system on May 12, Choi sold all 18,741 shares of SK Inc. he owned in four separate on-market transactions between May 2 and May 12. With this move, Choi has fully severed his equity ties with SK Inc., the holding company of the SK Group.



Choi had been gradually selling off his shares in SK Inc. since 2018. That year, SK Group Chairman Chey Tae-won gifted over 3.42 million shares—equivalent to a 4.87% stake—to 23 relatives. As a result, Choi's holdings in SK Inc. had increased to 101,000 shares, but he has consistently reduced his stake through multiple sales each year.



Choi Shin-won is a cousin of Chey Tae-won and the older brother of SK Discovery Vice Chairman Chey Chang-won. In March 2021, he was indicted on charges of embezzling and misappropriating funds totaling approximately KRW 223.5 billion (around USD 165 million) for personal golf course development, issuing false salaries to family members, and providing improper financial support to struggling affiliates. He was found guilty in both the first and second trials, and a final ruling from the Supreme Court is scheduled for May 15.

 

 

 

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