S-1 is Korea’s largest security company. Samsung owns only 20.6%, yet appoints S-1’s CEOs, none of whom came from the security industry. S-1’s market share has fallen from 65% to below 50%.
SECOM is S-1’s largest shareholder with 26%, yet it seems unconcerned. In SECOM’s 91-page annual report, “S-1” appears only three times.