[Exclusive] Eyes on 'Anagram,' a Private Corporation Owned by Celltrion's Second Generation Seo Jin-seok and Seo Jun-seok

[비즈한국] It has been confirmed that Seo Jin-seok (42), CEO of Celltrion and eldest son of Celltrion Group Chairman Seo Jung-jin (69), and his younger brother, Seo Jun-seok (39), Senior Vice President of Celltrion, have established a corporation named 'Anagram.' Anagram is owned by Seo Jin-seok and Seo Jun-seok, who each hold a 50% stake. However, neither CEO Seo Jin-seok nor Senior Vice President Seo Jun-seok are listed as registered directors of Anagram.

Celltrion headquarters in Yeonsu-gu, Incheon. Photo by Lee Jong-hyun

According to the corporate registry, Anagram's business purposes include 'real estate auction and public sale bidding,' 'real estate trading,' 'real estate sales,' and 'real estate consulting.' In addition, 'database development and sales,' 'software maintenance and repair,' and 'management consulting' are also registered as Anagram's business objectives.

Real estate and software are fields that do not have a strong connection to Celltrion Group. The group's primary businesses are in bio, pharmaceuticals, and cosmetics. Outside of these, its only other venture is the entertainment business through its affiliate, Celltrion Entertainment.

What draws attention is that no Celltrion Group affiliate has invested in Anagram. Only CEO Seo Jin-seok and Senior Vice President Seo Jun-seok hold stakes in the company. Consequently, any profits resulting from Anagram's growth will accrue directly to the owner family.

While CEO Seo Jin-seok and Senior Vice President Seo Jun-seok are at the forefront of Celltrion Group's management, the succession of shares has not yet taken place. In the case of Celltrion Holdings, the group's holding company, Chairman Seo Jung-jin owns a 98.13% stake, while CEO Seo Jin-seok and Senior Vice President Seo Jun-seok hold no shares. Should the brothers receive shares as a gift from Chairman Seo Jung-jin, they would face massive gift taxes. It is possible that Anagram could be used as a source of funds for such taxes if it grows in the future.

It is too early to make premature interpretations as Anagram's specific business plans or its business relationship with Celltrion Group affiliates have not been disclosed. Celltrion Group has also not released any official statement regarding Anagram.