[Alpha Biz=(Chicago) Reporter Kim Jisun] When Osstem Implant Chairman Choi Kyu-ok used the right to sell convertible bonds (call options) to give them to his children in the process of selling his stake, it has been confirmed that the National Tax Service is also keeping a close eye on future taxation. 

 

Chairman Choi's side is in a position to report and pay the donated property transparently, but the National Tax Service has investigated all cases of wealth succession using CB call options in 2021 and is said to be paying attention to the deal.

According to the tax authorities and the investment banking (IB) industry on the 1st, Chairman Choi plans to report the increase in assets and pay gift taxes for the CB call option given to his two children. Chairman Choi donated only CB call options worth about 20 billion won to his two children on the 19th of last month, and they decided to give it to the Unison Capital Consortium, which announced its public purchase of a stake in Ostem Implant on the 21st, and instead receive 77.6 billion won worth of bonds with a warrant (BW).

CB's stock conversion value issued by Osstem in 2020 is 38,736 won per share, which is equivalent to 19.6 billion won if it is calculated at the number of convertible shares (516,315 shares). However, the stock price of Osstem Implant, which is being publicly purchased, is close to 190,000 won, and the value of the donated CB is 98 billion won at the recent market price. Unison only exceeds 77.6 billion won worth of BW to Choi's children, excluding the amount needed to acquire CB, in return for CB call options.

As a result, Choi's family is expected to pay taxes accordingly, considering 77.6 billion won, the current value of BW, as a gift property. The logic is that listed stocks are subject to taxation on the average market value for two months before and after the date of the gift, and Ostem Implant's stock price is currently close to 190,000 won, and the stock price that has risen from the CB conversion value (38,736 won) is subject to the gift.

The National Tax Service is also keeping an eye on the gift case of Chairman Choi's family as it is special. The National Tax Service conducted a tax investigation after the largest shareholder of a listed company, which is certain to rise in stock prices in 2021, removed only the CB call option and donated it to their children, seeing it as an expedient gift if they made profits from a rise in stock prices. 

 

At that time, the National Tax Service investigated nine cases in which they transferred only call options to their children free of charge after the largest shareholder of a listed company issued a CB in the name of the company at the time of the stock price fall and collected taxes. This is because the child of the largest shareholder was given a call option instead of the company at the beginning of the rise in stock prices and then converted to stocks at the time of the rise in stock prices to defraud market profits.

At that time, the National Tax Service conducted a full investigation of the call option department CB disclosed by the company from 2017 to October 26, 2021. Ostem Implant also issued CB with call options in 2020, which is known to be recognized by tax authorities.

 

 

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