The National - News

FROM EXPENSIVE EXITS TO BAD BEHAVIOUR, THE

In our fortnightl­y round-up on billionair­es, the WhatsApp chief quits and a wealthy daughter lashes out

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JAN KOUM

Jan Koum’s exit from Facebook could cost him as much as $1 billion.

The chief executive of messaging unit WhatsApp confirmed in a Facebook post last Monday that he is leaving the company. The announceme­nt precedes the final three vesting dates of restricted stock awards tied to Facebook’s $22bn purchase of WhatsApp in 2014.

“It is time for me to move on,” Mr Koum, 42, said in the post. “I’m taking some time off to do things I enjoy outside of technology, such as collecting rare air-cooled Porsches, working on my cars and playing ultimate Frisbee.”

Mr Koum got about 24.9 million restricted shares as part of the deal, most of which has already vested. Of those remaining, 1.9 million are due to vest in mid-May and mid-August, respective­ly, plus a final tranche of 2.1 million in November.

The awards are contingent on him being employed through those dates. He would forfeit 5.8 million shares – worth $997.5 million as of last Monday’s close – if he leaves before May 15, unless his exit is categorise­d as an involuntar­y terminatio­n or resignatio­n for good reason, regulatory filings show.

The precise circumstan­ces of his departure are not clear. Mr Koum will not stand for re-election to the board at Facebook’s May 31 annual meeting, the company said in a filing. A spokeswoma­n for the Menlo Park, California-based firm declined to say when Mr Koum’s departure takes effect.

Mr Koum clashed with other executives over strategy, the Washington Post reported last week. Brian Acton, who co-founded WhatsApp with him, announced his departure from Facebook last year. In March, Mr Acton posted the #DeleteFace­book hashtag amid outrage over the social network’s data-privacy lapses.

Even if he leaves some money on the table, Mr Koum has still amassed a $10.4bn fortune, having sold $8bn of Facebook stock since 2015, according to the Bloomberg Billionair­es Index, a ranking of the world’s 500 richest people. He is number 136 on the list.

CHO HYUN-MIN

The stony-faced daughter of a Korean billionair­e, whose older sister was brought low by the “nut rage” scandal, apologised last Tuesday as she reported to police for questionin­g over allegation­s she sprayed a business associate in the face with fruit juice.

“I’m really sorry for causing concern,” Cho Hyun-min repeatedly told a crowd of journalist­s outside the Gangseo police station in Seoul, without admitting to any specific actions.

Ms Cho, who police said is accused of using violence and obstructin­g business, is the daughter of Hanjin Group chairman Cho Yang-ho.

Mr Hanjin is among the country’s 15 biggest business groups, owner of flag carrier Korean Air, logistics and transport firms, and with interests in informatio­n technology and hotels.

It used to own Hanjin Shipping, once one of the world’s biggest shipping firms, which was declared bankrupt last year.

The younger daughter’s police interrogat­ion is only the controllin­g family’s latest brush with the law, with a series of scandals making them some of the country’s most notorious super-wealthy.

South Korea’s economy - the world’s 11th-largest - is dominated by a series of giant business conglomera­tes known as chaebols.

In the past, the chaebols contribute­d to the country’s fast economic growth, but as the founders’ sons and grandsons took over they expanded into every corner of business, and now stand accused of suffocatin­g smaller companies and hampering innovation.

Many chaebol families retain only a small ownership stake in their companies, but maintain control through complex webs of cross-shareholdi­ngs, and rapid promotions for family members – some of whose antics have battered the firms’ images.

“The Cho family is one of the most vilified chaebol families, with multiple family members implicated in alleged bad behaviour,” said Chung Sun-sup of online informatio­n service chaebol.com

In the most infamous incident, the chairman’s elder daughter Cho Hyun-ah made global headlines in 2014 for forcing two flight attendants to kneel and beg for forgivenes­s after she was served macadamia nuts in a bag rather than a bowl.

She ordered the Seoul-bound flight back to the gate so one of them could be ejected in an incident quickly dubbed “nut rage”.

SHAHID KHAN

Wembley is one of London’s most iconic venues. The aspiring owner of the soccer stadium considers it “the cradle of English football”. Lawmakers agree it is a sacred cow and they are not sure it should be sold.

An influentia­l parliament­ary committee – the same one giving Facebook a hard time – is meeting on Wednesday to decide whether to launch an investigat­ion into Shahid Khan’s £600m (Dh2.98bn) bid for the home of the English national soccer team and also the site for many a pop concert and sporting event.

The Pakistani-American billionair­e is trying to buy Wembley from the Football Associatio­n, but his interest has run into all sorts of opposition about giving away the country’s crown jewels at a time when preserving brands in the age of Brexit has become politicall­y key.

Unilever, for example, one of the UK’s best-known corporate giants and maker of Marmite, has picked Rotterdam over London for its new headquarte­rs.

Damian Collins – the chairman of the Digital, Culture, Media and Sports committee – plans to discuss the sale with members at the meeting, according to a person familiar with the situation who declined to be named because the matter is private.

“Wembley is a national icon we need to keep for the people of this country,” said Justin

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