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Ex-Hanjin Shipping Chairwoman Summoned as Witness to Hanjin Shipping’s Court Receivership
Tears at Parliamentary Inspection
Ex-Hanjin Shipping Chairwoman Summoned as Witness to Hanjin Shipping’s Court Receivership
  • By Jung Min-hee
  • September 28, 2016, 03:15
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Choi Eun-young, former Hanjin Shipping Chairwoman, kept wiping her tears with a handkerchief and pleading to save Hanjin Shipping at the parliamentary inspection on Sept. 27.
Choi Eun-young, former Hanjin Shipping Chairwoman, kept wiping her tears with a handkerchief and pleading to save Hanjin Shipping at the parliamentary inspection on Sept. 27.

 

Eusu Holdings Chairwoman Choi Eun-young, former Hanjin Shipping Chairwoman, was held to account for poor management of Hanjin Shipping on September 27. She kept wiping her tears with a handkerchief and pleading to save Hanjin Shipping. However, Choi refused to provide more funds as she already offered a third of her private assets to help the troubled firm.

During a parliamentary audit of the Ministry of Oceans and Fisheries of the Agriculture, Forestry, Livestock, Food, Maritime Affairs and Fisheries Committee held at the Government Complex in Sejong on the 27th, Park Wan-joo of the main opposition Democratic Party asked, “The total assets of your family are estimated at 180 billion won (US$163.64 million). How much is it exactly?” and Choi, who was summoned as a witness to the shipper's court receivership, said, “It is about 100 billion won (US$90.91 million).”

She added, “This is the total assets of our family members, including two daughters. I offered a third of my personal assets.” Previously, Choi pledged to secure 10 billion won (US$9.09 million) by using her Eusu Holdings stocks as collateral to take out loans and provide the funds to Hanjin Shipping on the 12th when Hanjin Shipping container vessels were stranded at sea due to a liquidity shortage after filing for court receivership.

On the same day, Park pointed out, “Hanjin Shipping had posted operating losses but your pay kept rising. It doesn’t make sense from a common-sense point of view.” In this regard, Choi replied, “I believe my pay got raised after the spin-off in 2009. Many people told off in regard to that and I am sorry about that, too.”