February 05, 2020 10:51
Hanjin Group chairman Cho Won-tae has won the support of his mother and younger sister in a battle with his older sister for control of the conglomerate that owns Korean Air.
The chairman's mother Lee Myung-hee and younger sister Cho Hyun-min in a joint statement on Tuesday voiced their support of Cho Won-tae, giving him a better chance of keeping his post.
"We support the current management structure headed by [Cho Won-tae] and hope the current management will make its best efforts to enhance financial health and shareholders' value," the statement said.
That gives Cho Won-tae the support of a combined 33.45-percent of shares, surpassing a 31.98-percent stake held by his older sister, Cho Hyun-ah and her posse of raiders. The alliance seeks to drive the chairman out at the upcoming shareholders' meeting of holding company Hanjin KAL, in which all three siblings hold an almost equal stake.
Cho Hyun-ah's temper tantrums made Korean Air a global laughing stock in the "nut rage" incident in 2014, but her siblings and mother are equally dysfunctional.
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