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Korea Development Bank, Hanjin Knife 500 billion won of support Share of paid-in capital increase
Development Bank of Korea → Hanjin Kal → Korean Air → Asiana Airlines
KCGI filed an interim injunction against the issuance of new shares by Hanjin Kal
If rejected, it acquires the ‘elasticity’ … ‘Possibility of failure’ when quoted
[앵커]
The Korean Development Bank is promoting the acquisition of Asiana Airlines by Korean Air in a way that supports Hanjin Kal, the holding company of Hanjin Group. Private equity fund KCGI, which is fighting with Hanjin Group chairman Cho Won-tae, filed an interim injunction in court last week, asking to avoid this. The first interrogation takes place today. Reporter Kim Jang-ha on the report. The acquisition of Asiana Airlines by Korean Air begins with the support of the Hanjin Group of the Korean Development Bank. If Hanjin Kal, a holding company, allocates new shares only to the third party, the Korean Development Bank, excluding existing shareholders, the Korean Development Bank pays 500 billion won to take over the new shares. Subsequently, Hanjin Kal participates in the paid capital increase of Korean Air, and Korean Air participates again in the capital increase of Asiana to complete the acquisition. In response, KCGI, a private equity fund, argued that there are existing shareholders, but Hanjin Kal ignores them and allocates new shares to third parties to defend the management rights of the administration, which infringes on the shareholders’ right to acquire new shares. . At the same time, he filed a request for a temporary injunction with the court requesting a ban on issuing new shares. KCGI has formed a ‘Three-Party Shareholders Alliance’ in association with Cho Won-tae, former vice president of Korean Air, and Bando Construction, the older sister of Hanjin Group president Cho Won-tae, and is fighting for the rights management with Cho. If Hanjin Kal’s paid-in capital increase, in which the Korea Development Bank participates, is successful, the participation in the “Three Party Alliance” will decrease. The Korea Development Bank stressed that it is to clarify that it is to successfully support the restructuring work by directly participating in Hanjin Kal as a shareholder, and not to protect the management rights of President Won-tae Cho. If the court dismisses KCGI’s request for an interim injunction, Korean Air’s acquisition of Asiana will gain momentum, but if cited, Korean Air’s acquisition of Asiana Airlines may be rejected. Since the 2nd of next month is the date of payment of Hanjin Kal’s paid-in capital increase by the Korean Development Bank, the court is expected to leave before that. This is YTN Kim Jang-ha.
