Korea Corporate Governance Service (KCGS) is siding with Hanjin Group chairman Cho Won-tae with Hanjin KAL’s shareholder meeting scheduled for March 27.KCGS said in its report on March 16 that former Korean Air vice president Cho Hyun-ah is the very person who triggered the group’s governance-relate
Korean Air has begun to use passenger planes for cargo transportation. The goal is to support companies with logistical problems due to the spread of the virus while reducing aircraft parking charges.Korean Air announced on March 15 that it has been operating an airliner (Airbus 330-300) capable of
Delta Air Lines, which is known as an ally of Hanjin Group chairman Cho Won-tae in a proxy war on the group’s control, has acquired an additional stake in Hanjin KAL, the group’s holding company.Delta announced on May 5 that it has additionally acquired 1,761,074 Hanjin KAL shares (a 2.98 percent st
The share price of Hanjin KAL, the holding company of Hanjin Group, has topped 80,000 won amid an intensifying dispute over the group’s control. The stock price of Hanjin KAL rose 21.69 percent to 81,900 won on March 3.Grace Holdings, a special purpose company under KCGI, announced on the day that i
KCGI is stepping up its pressure on Hanjin Group chairman Cho Won-tae by purchasing Hanjin KAL stocks and leveling criticism at him. However, KCGI’s offensives only tend to enhance unity among members of the Hanjin Group in favor of chairman Cho.KCGI said on Feb. 25 that its doubts about the introdu
Market research firm FnGuide analyzed 212 listed companies with target stock prices provided by at least three organizations each and reported on Feb. 23 that the targets for this month are lower than a year ago in 87 whereas only 38 companies’ target stock prices have been adjusted upward.The 87 in
KCGI criticized Hanjin Group chairman Cho Won-tae and he refuted the criticism. The former made an issue of Korean Air’s high debt ratio and hybrid securities issuance and the latter said that KCGI knows nothing about the distinct characteristics of the aviation industry.KCGI held a press conference
Hanjin Group chairman Cho Won-tae is facing a proxy fight with his elder sister Cho Hyun-ah, a former vice president of Korean Air, over the control of Korea’s 13th largest business group.The two children of the late former Hanjin Group chairman Cho Yang-ho are planning to appeal to minority shareho
Asiana Airlines announced on Jan. 29 that it would temporarily stop flights between Incheon and Guilin and between Incheon and Haikou from Feb. 1 and temporarily stop flights between Incheon and Changsha from Feb. 3 due to the Wuhan coronavirus outbreak.Earlier, on Jan. 23, Korean Air stopped flight
Hanjin KAL, the holding company of Hanjin Group, is going to handle the issue of reappointment of Hanjin Group chairman Cho Won-tae at its shareholder meeting scheduled for late March. At present, he is the only Hanjin Group owner family member that is a Hanjin KAL inside director. The family may lo
The National Pension Service (NPS) and the Korea Corporate Governance Improvement (KCGI) are continuing to put pressure on Hanjin Group owners involved in management disputes and inheritance tax controversies. The NPS is increasing its shareholding in major Hanjin Group subsidiaries to strengthen it
The issuance of primary collateralized bond obligations (P-CBOs) is on a gradual decline. A P-CBO is a kind of asset-backed security (ABS) issued to help small and medium-sized enterprises raise funds by selling bonds.P-CBO issuance expanded to seven trillion won (about US$6 billion) in 2017 as the
Hanjin Group chairman Cho Won-tae and his mother, Jeongseok Group advisor Lee Myung-hee, have issued a joint apology for the uproar that erupted during their Christmas meeting."We deeply apologize for the unfortunate incident that took place last Christmas at Lee’s residence," the two said in a join
A sibling rivalry within the owner family of Hanjin Group over the control of the conglomerate has expanded into a mother-son confrontation.The group’s owner family got together for a meeting on Dec. 25 at the residence of Lee Myung-hee, advisor to Jungseok Corp. and the wife of the group’s late cha
Former Korean Air vice president Cho Hyun-ah said on Dec. 23 that Korean Air CEO Cho Won-tae has run Hanjin Group not in obedience to the will of the late Hanjin Group chairman Cho Yang-ho and has hindered family conversations related to the management of the group.Her statement, aimed at putting th
The number of executives at Korea’s top 30 conglomerates decreases year after year as a growing number of companies carry out downsizing and restructuring to offset poor performance.CEO Score, a corporate performance analysis site, has recently surveyed 262 affiliates of Korea’s major 30 groups that
The Korea Fair Trade Commission announced on Dec. 9 that it recently looked into 56 conglomerates, those include 49 led by owners, the 49 conglomerates have 1,801 subsidiaries, and at least one owner family member is registered as a director in 321 out of the 1,801 subsidiaries. It added that direct
The share price of Hanjin Kal Corp., the holding company of Hanjin Group, keeps rising on the back of strong buying by an unidentified corporate body.Hanjin Kal closed at 36,950 won on Dec. 2, up 3.07 percent (1,100 won) from the previous trading day. It was the highest level in six months after pos
South Korea’s top 10 conglomerates’ 90 listed non-financial subsidiaries posted a total operating profit of 6,162.3 billion won in the third quarter of this year, down 75.63 percent from a year ago. The listed subsidiaries of the 10 conglomerates posted an operating profit ratio of 3.75 percent duri
Daeho Development, Hanyeong Development, and Bando Development, which are Bando Engineering & Construction’s subsidiaries, announced on Oct. 8 that their combined shareholding in Hanjin KAL rose from 4.99 percent 5.06 percent as Hanyeong Development bought 40,000 shares at 27,481 won per share. The