This article was displayed on the ChosunBiz MoneyMove (MM) site at 5:29 p.m. on June 5, 2026.
Jeong Seong-hoon, the son from the former marriage of the late founder and former chairman Jeong Hwi-dong of Chungho Nais, has been recognized for his statutory share of his father's equity. If Carlyle's acquisition of Chungho Nais is completed, Jeong is expected to secure cash in the 200 billion won range. As the transaction, which could have been marred by a family lawsuit, ultimately wrapped up smoothly without litigation, the bereaved family can address inheritance taxes and Carlyle can stably secure the entire equity.
According to the business community, legal circles, and the investment banking (IB) industry on the 5th, the family of the late chairman acknowledged Jeong Seong-hoon's statutory share and decided to sell to Carlyle the Chungho Nais and affiliate equity that Jeong will hold at the same price as the equity of other family members.
Initially, the industry voiced concerns that Carlyle's acquisition talks for Chungho Nais could be prolonged as Jeong filed a suit to confirm the invalidity of a will and a suit to divide inherited property. As a result, Carlyle was said to have settled on a direction to acquire only the equity of Chair Lee Kyung-eun, the spouse of the late chairman, and of Jeong Sang-hoon, who was born to Lee.
However, the situation reportedly changed recently when Jeong Seong-hoon asked Carlyle to allow him to participate in the equity sale on the condition that he would forgo the inheritance dispute. The bereaved family, including Chair Lee Kyung-eun, recognized Jeong's statutory share, and it is said they agreed with Carlyle to treat Jeong's equity as part of the control block and apply the same premium as the other family members' equity for the sale.
The target of this transaction is three companies: Chungho Nais, Microfilter, and MCM. NICE Engineering and Donggeurami Finance Loan were excluded from the sale. The total size of the transaction is reportedly in the low-1 trillion won range.
The late chairman, who passed away last year, held 75.1% equity in Chungho Nais during his lifetime. Younger brother Vice Chair Jeong Hwi-chul held 8.18%, Microfilter held 12.99%, and other shareholders held 3.73%.
In the case of Microfilter, the late chairman held 80% and Chair Lee Kyung-eun held 20%. MCM was a company in which the late chairman owned 100% equity.
The equity in Chungho Nais and affiliates that the late chairman held was arranged to be inherited by Chair Lee Kyung-eun and the two sons, Jeong Seong-hoon and Jeong Sang-hoon, in proportions of 3/7, 2/7, and 2/7, respectively.
Accordingly, Jeong Seong-hoon came to secure 21.46% equity in Chungho Nais, 22.86% in Microfilter, and 28.57% in MCM. Jeong Sang-hoon will also hold equity in the same proportions as Jeong Seong-hoon, and Chair Lee will inherit 32.19% in Chungho Nais, 54.29% in Microfilter, and 42.86% in MCM. In Lee's case, this figure includes the previously held 20% equity in Microfilter.
The sale proceeds Jeong will actually receive depend on how much Carlyle values each company. However, if Jeong's equity ratio in each company is simply applied to the total transaction amount of about 1 trillion won, Jeong's share is estimated at about 220 billion to 280 billion won (before tax). Chair Lee Kyung-eun is estimated to receive 390 billion to 540 billion won. Considering that the total inheritance tax the family must pay approaches 200 billion to 300 billion won, this sale is expected to sufficiently resolve the inheritance tax issue.
The industry notes that the bereaved family decided to apply the same conditions to Jeong's equity as to the equity of the rest of the owner family. Viewed in isolation, Jeong's equity is a minority stake that cannot sway control, making it hard to fully recognize a control premium. However, from Carlyle's perspective, if Jeong remains the second-largest shareholder, future corporate governance cleanup, resale, and the initial public offering (IPO) process could face burdens. To minimize the potential for disputes, it appears they concluded that buying Jeong's equity at the same price would be the cleanest option.