The Fair Trade Commission (FTC) has recently submitted a proposal to the commission’s plenary session to file complaints with the prosecution against Kim Hong-gook, chairman of the Harim Group, and Lee Hae-wook, vice chairman of the Daelim Group, on charges of enriching themselves through unjustifie
Despite a boom in the Korean transportation sector, sales of the Korean maritime transport industry plunged more than 10% in 2017. The industry has suffered a setback for five consecutive years since 2013. The Korean maritime transport industry’s cargo volume plummeted sharply as Hanjin Shipping, th
The stock price of Hanjin Kal is moving following a domestic activist fund’s attempt to take it over. Securities companies that had made gloomy forecasts on its stock price have raised their target prices.According to the financial investment industry on Nov. 18, the target price of Hanjin Kal has b
Hanjin Kal Corp., the holding company of Hanjin Group, has become a target of a hostile takeover bid.Grace Holdings announced on Nov. 15 that it holds a 9 percent stake in the company. Grace Holdings is an investment purpose company whose largest shareholder is KCGI 1 Private Equity Investment Joint
The Ministry of Land, Infrastructure and Transport is planning to revise the law on aviation so that airline executives are disqualified in the event of a monetary penalty or a more severe punishment. If the law is amended as planned, Hanjin Group chairman Cho Yang-ho may be deprived of his manageme
South Korean conglomerate owners have strenthened their managerial control by shifting the governance structure of their groups to a holding company system through such measures as spinoffs and in-kind investment.The Korea Fair Trade Commission (KFTC) recently looked into 19 business groups’ 22 hold
South Korean and American business leaders have asked the U.S. government to exempt South Korean cars and auto parts from the application of Section 232 of the Trade Expansion Act of 1962.The Federation of Korean Industries (FKI) and the U.S. Chamber of Commerce had a meeting in Seoul on October 18
Credit Suisse, a foreign financial institution, is drawing keen attention from Korean analysts by steadily purchasing shares of Hanjin KAL, the holding company of Hanjin Group. Some speculate that Credit Suisse may seek to exercise influence on the group's efforts to revamp its governance struct
The GS Group has decided to invest 20 trillion won (US$17.87 billion) and create 21,000 jobs in the next five years. It presented its investment and job creation plans following Samsung, Hyundai Motor, SK, LG, Hanwha and Shinsegae groups.Accordingly, most of South Korea’s top family-run business gro
As the Fair Trade Commission (FTC) is moving to increase the equity stakes that a holding company is required to own in its affiliates and grandson companies, conglomerate are looking for ways to adapt to the expected change in regulations.According to investment banking (IB) industry sources on Jul
The South Korean government is planning to strengthen regulations on holding companies. It is moving to tighten the limit of debt ratio and prohibit holding companies from owning grandson companies that are irrelevant to their main businesses.The Fair Trade Commission (FTC) announced on July 3 an an
Korea Ocean Business Corporation will be launched on July 5 to support Korea’s ailing shipping industry. It is established to follow through on President Moon Jae-in’s campaign pledge to revitalize the shipping industry, which was on the verge of breakdown following the bankruptcy of Hanjin Shipping
The investigation over Hanjin Group onwer family members, which was sparked by the “water rage” of Cho Hyun-min, a former senior vice-president of Korean Air Lines, is getting more and more intense. The prosecution raided the headquarters of Korean Air Lines on May 31 over the allegations of inherit
Customs authorities’ investigation into the owner family of the Hanjin Group is zeroing in on Korean Air's alleged violation of the Foreign Exchange Transactions Act.About 40 customs officers from the Seoul Customs Service raided five departments including the finance department at the headquart
The Korea Customs Service searched the main office of Korean Air Lines Co. on April 23 as part of its investigation into the allegations that the owner family members of Hanjin Group evaded customs duties.Some 20 KCS officials searched the central computer center of the company’s main office in Bang
The stock prices of Korean Air Lines Co. and Jin Air Co. crashed from April 12 after Cho Hyun-min, the youngest daughter of Hanjin Group Chairman Cho Yang-ho, was alleged to have thrown water onto the face of an agency manager in a fit of anger. The stocks rallied in the past two days before plummet
Hyundai Merchant Marine Co. (HMM) and SM Line Corp. have succeeded in establishing partnerships with large companies at home and abroad one after another. Earlier, the two companies decided to find ways to survive separately rather than cooperation between the national flag carriers under the govern
With much attention paid to Kumho Tire suffering from a severe liquidity crisis, it seems inevitable in general that the company will be sold off to a foreign company in spite of the opposition of its labor union.With the union actively opposed to selling off Kumho Tire to a foreign company, the gov
Hyundai Merchant Marine, virtually the only large ocean-going shipping company of Korea will start ordering ultra-large vessels that can transport 22,000 20-foot containers beginning next month at the earliest.According to the government and the shipping industry on February 11, the Ministry of Ocea
Korean flag ships’ shipping power was halved in North American routes where they were strong players. Although the US economy is recovering sharply and global trade volume is on the rise, China, Europe, and Japan are dominating this market by expanding their sizes.Last year, Hyundai Merchant Marine