이 기사는 2022년 04월 26일 08:03 thebell 에 표출된 기사입니다.

An ongoing liquidation of Arques, the fintech platform of Nexon’s holding company NXC, is likely to accelerate a restructuring of the gaming giant after the death of its founder, Kim Jung-ju, in February.

NXC shut down operations of Arques at the end of last month and is in the process of relocating employees, sources said.

The liquidation of the fintech platform comes about two years after its much-hyped launch in 2019 by Kim, who sought to expand into blockchain and crypto services. Arques tried to build its business model and spent over 8 billion won ($6.4 million) purchasing crypto assets in 2021 alone, but ultimately decided to discontinue the business.

Arques’ liquidation is seen as the start of the restructuring of NXC after Kim died unexpectedly earlier this year. Speculations are rife that his family members may offload all or part of their shares in the holding company.

Kim attempted to sell a controlling stake in NXC owned by him and his family members in 2019, which was then estimated to be worth 10-15 trillion won, but he scrapped the plans. Kim and his wife, Yoo Jung-hyun, owned 67.49% and 29.43% of the holding company, respectively, at the end of 2021 and his two daughters held a 0.69% stake each.

China’s Tencent and Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF) are among the potential buyers, industry watchers said. The Chinese tech giant expressed interest in acquiring the game publisher in 2019. The PIF is the second largest shareholder in Nexon, NXC’s subsidiary that is listed in Tokyo, after buying some 247 billion yen shares in the company this year alone. PIF’s chairman, Crown Prince Mohammed bin Salman, is known for his interest in the gaming industry.

An official at NXC denied the rumors, saying they are groundless and the decision to liquidate Arques was made last year before Kim passed away.

Will Korbit stake sale follow?

The liquidation of Arques also led to speculations that NXC may consider selling its stake in Korbit as well. The holding company is the largest shareholder of the crypto exchange with a 64% stake, owning 48% directly and the remaining 16% through its subsidiary Simple Capital Futures.

SK Square, the second largest shareholder of Korbit, has been mentioned as a potential buyer. Shinhan Financial Group, whose banking unit has issued real-name accounts for Korbit since 2018, is also said to be interested in acquiring NXC’s stake in the crypto exchange.

The stake sale rumors coincide with a massive inheritance tax bill that Kim’s family members will face soon. Under South Korean law, the highest 50% tax is levied if the value of shares subject to inheritance exceeds 3 billion won, and an extra 20% rate is added in case of a controlling stake. The Kim family has to report inheritance tax within six months after the date of Kim’s death, or until early September

If Kim left no will or direction about how to deal with his assets in the event of his death, his family members would likely inherit his NXC shares as stipulated by the legal inheritance ratio.

The founder’s family may use a capital reduction, like other privately held companies, to lower the inheritance tax burden while maintaining their control of the holding company, some observers said.

Some speculate Kim’s family members may opt to take out loans from banks to fund the inheritance tax bill. “In that case, they may tap Shinhan Bank, NXC’s main lender, and other financial services firms for loans,” an industry insider said. (Reporting by Hyun-ji Sohn and Won-ji Hwang)