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Korea Development Bank Vice President Choi Sang-hyeon speaks at an online press conference on the issue of Korean Air and Asiana Airlines integration on the 19th. Photo = Yonhap News
The Korean Development Bank announced on the 19th that if management performance is insufficient after the integration of Korean Air and Asiana Airlines, Hanjin Group Chairman Cho Won-tae will step down from the front line of management.
“President Won-tae Cho provided the entire stake in Hanjin Kal, which has a collateral value of 170 billion won, as collateral,” Choi Sang-hyeon, vice president of Saneun, said at an online press conference that late. He said: “I have given great responsibilities and duties.
For Korean Air’s acquisition of Asiana Airlines, KDB decided to invest 800 billion won in Korean Air’s parent company, Hanjin Kal. In this process, President Cho’s entire stake in Hanjin Kal was taken as collateral and seven obligations for ethical management were imposed.
Vice President Choi said: “There is a concern about the structure for which Hanjin Kal is responsible in the event of a violation of the investment agreement, but this is not true at all.” It is a structure to retire, ”he explained.
He added, “To guarantee the 500 billion won fine and compensation for damages, we have secured the right to voluntarily dispose of all Hanjin Kal shares owned by President Won-tae Cho and 730 billion Korean Air shares that Hanjin Kal will take over in the future. “
Regarding the Hanjin Kal common shares acquired by KDB, he said: “We are not considering a short-term recovery plan” and “We plan to trade to sell or buy as treasury shares when the crown crisis ends and returns recover. commercial terms”.
“Asiana shares (30.8%) (owned by Kumho Industries) are not subject to this transaction,” said Vice Chairman Choi. “The stake will be sold to the market after consolidation and will be used by Asiana Airlines creditors to recover bonds.”
Fair Trade Commissioner Cho Sung-wook said on the 19th, before the birth of a large airline: “I will make a decision based on whether there are restrictions on competition in accordance with the principles and laws, and whether there are any adverse effects. in consumer welfare. ” Photo = Yonhap News
With respect to KDB’s investment in Hanjin Kal, not Korean Air, “if KDB participates in Korean Air’s 2.5 trillion won capital increase instead of Hanjin Kal, Korean Air’s interest in Hanjin Kal will be less than 20%, which will meet the parent company’s requirements. “It’s not good enough,” he emphasized, “we had to take into account the fact that the FTC issued an order to resolve the violation and holding companies would collapse. “
Furthermore, with respect to Hanjin Kal’s third-party capital increase, which is not allocated to shareholders, he expressed the view that “it takes more than two months for a capital increase to be allocated to shareholders and cannot satisfy the urgent demand for funds “.
Currently, the ‘tripartite alliance’ (Hyunah Cho, former vice president of Korean Air, private equity fund KCGI and Bando E&C) objected to Hanjin Kal’s resolution of a paid capital increase for a third-party assignment to KDB and requested a court order provisional to prohibit new actions.
In this regard, Vice President Choi emphasized that “SSANE will not exercise favorable voting rights only for a few parties”, and emphasized that “the exercise of voting rights will be done through an organization in which private members participate for a decision. fair and transparent decision-making “.
However, he said, “when the court is cited in an interim injunction, the transaction is bound to be canceled.
“In this case, we will quickly find the next best option and continue with it,” he said. “In the case of Asiana Airlines, we are currently receiving external consulting, but if the sale goes down, we will enter into (loan) management as planned.”
Regarding the issue of support for Korean Air by the Infrastructure Stability Fund, he said: “It is currently in the review stage and it is a process of negotiating the amount of contributions.”
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