이 기사는 2021년 08월 31일 08:01 thebell 에 표출된 기사입니다.

South Korea’s antitrust watchdog is expected to inform SK Group of its finding on its investigation into the group’s possible irregularities during the purchase of silicon wafer manufacturing firm LG Siltron, now SK Siltron, in 2017.

In January 2017, SK Holdings, the group’s holding firm, purchased a 51% in LG’s silicon wafers manufacturing unit for 18,138 won ($15.57) per share, becoming the largest shareholder of the unit.

Another 29.4% was held by creditors including Woori Bank and 19.6% was owned by financial investors including KTB Private Equity. Creditors and financial investors tried to sell their stakes to SK, but the group was not keen to buy as it already owned management rights of LG Siltron.

Creditors sought for a new buyer, one of which was Chinese financial investor. With the Chinese financial investor offering the highest bid, SK was concerned that a nearly 30% stake in its silicon wafer manufacturing subsidiary can be acquired by Chinese capital.

This made SK Group chairman Chey Tae-won purchase a 29.4% stake held by creditors for 12,871 won per share through a total return swap agreement. Separately, SK purchased shares of KTB PE, which owned a 19.6% stake in LG Siltron, for 12,871 won apiece also through a total return swap agreement.

In November 2017, local civic group Solidarity for Economic Reform asked the Fair Trade Commission (FTC) to investigate SK Group, alleging that the group allowed Chey to benefit from the buyout.

The antitrust agency has investigated the case since 2018. The FTC has reportedly concluded that Chey’s takeover of shares unfairly took the company's opportunity to operate business with high potential.

SK Group is expected to claim that there was nothing illegal about its chairman’s bid for LG Siltron and Chey took part in the bid as Chinese and foreign capital was going after the wafer company.

After notifying the group, the FTC will hold a nine-member full session meeting within this year to decide whether to penalize SK and its chairman. (Reporting by Sang-hee Park)