|
Market observers have fixated their attention on the Hyundai group, to see if Hyun Jenong-eun, the widow of the former Hyundai Asan chairperson Chung Mong-hun, can keep control over the group. Hyun is the largest shareholder of the group's flagship firm, Hyundai Elevator, with an 18.57 percent stake.
Chung Sang-yun, the uncle of Hyun's deceased husband and the honorary chairman of Kumkang Korea Chemical (KCC), has taken the helm of Hyundai, acquired large share portions in the group¡¯s subsidiaries after the suicide of Mong-hun. Sang-yun has made it clear that he would actively participate in the management of the group, even though Hyun would maintain her position as chairperson the elevator unit for the time being.
Sang-yun's stance appears to leave the managerial right to the elevator maker to Hyun, while he himself would play the role of caretaker. Hyun, however, said that she would solidify her independent leadership over the group, and keep her uncle in the distance.
Sang-yung said immediately after the death of Mong-hun that he and other Chung family members should buy shares in Hyundai Elevator to protect the firm from a hostile takeover attempt by other investors.
Sang-yun¡¯s advice proved sound, as several unidentified foreign investors have purchase a 5 percent stake in the firm. Following Sang-yun¡¯s share-buying campaign, his family members ended up acquired a 16.2 percent stake in the firm. Until then, Hyun believed that her uncle was trying to help her, Hyundai observers said.
Sang-yun¡¯s aspiration for the leadership for the group, however, did not appear to have been sated even after the threat of a hostile takeover disappeared. Observers said that he urged Hyun to give up the share in Hyundai Elevator that she inherited from her husband.
Hyundai executives close to Hyun said that, by urging Hyun to give up the inheritance, Sang-yun intended to take the 12 percent stake in the firm from Hyun and tighten his grip over the group. Sang-yun has held the stake as security for a W29 billion loan he gave out to the Mong-hun when his death.
Sang-yun continued to purchase additional stakes in the firm through Shinhan BNP Parisbas Investment Trust Management Co. and KCC when Hyun was about to become the chairperson of Hyundai Elevator.
Explaining Sang-yun¡¯s measure, an executive at KCC said that Sang-yun has been feeling uneasy about a possible attempt by Hyun's close staff to take control of the group, by having the inexperienced Hyun serve as a figurehead.
(Kim Jong-ho, tellme@chosun.com )
|
