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HHI's Chung receives Korea's largest dividend

HHI's Chung receives Korea's largest dividend

Seoul: South Korean politician Chung Mong-joon is set to receive the largest dividend from the world's biggest shipyard this year, replacing his older brother Chung Mong-koo, chairman of the country's top automaker Hyundai Motor Co., a website on conglomerates showed Sunday.

Rep. Chung, the largest shareholder in Hyundai Heavy Industries Co., is expected to earn 61.5 billion won (US$65.3 million) in dividend income, according to a survey based on 10 conglomerates closing the book in December conducted by Chaebul.com.

The five-term lawmaker, who owns a 10.8 percent stake in the shipbuilder, received 20.5 billion won or 2,500 won apiece in dividend last year, but a booming shipbuilding industry led Hyundai Heavy Industries to raise the payment of dividend this year to 7,500 won per share.

This would lead Hyundai Motor Chairman Chung Mong-koo to be placed second with about 27.4 billion won in combined dividend, the website said. The chairman had posted the largest dividend income for a fourth straight year since 2003.

Samsung Group Chairman Lee Kun-hee is forecast to earn become the third-largest earner of dividend income with 21.3 billion won, followed by Huh Chang-soo, chairman of South Korea's energy and retail conglomerate GS Group, with 14.7 billion won it added.  [11/02/08]

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