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“In case of insufficient management performance of the integrated airline, Won-tae Cho resigns from the first line of management”
Hanjin Kal Subsidiary Family · Affiliate Management Excluded… “Cho Hyun-min, Managing Director Han Jin-kal, I should resign”
On the 19th, the Korean Development Bank said: “If the court cites the KCGI’s request for an interim injunction from the ‘three-party partnership’, the combined Korean Air and Asiana Airlines transaction will inevitably be canceled.
Sang-eun Choi, Vice President Choi Sang-Hyun, said at an online press conference that afternoon, “We reviewed lawsuits or subpoenas through various law firms,” in response to the trilateral association’s request for temporary disposition.
Vice President Choi added: “In the case of Asiana Airlines, we are currently receiving external consulting, and if the sale is canceled, we will move to the management of (credits) as planned.”
The ‘tripartite alliance’ (Hyunah Cho, former vice president of Korean Air, private equity fund KCGI and Bando E&C) opposed Hanjin Kal’s resolution of a paid capital increase for a third-party assignment to KDB and requested a court order temporary to prohibit new actions.
Those in dispute with President Cho insist that the decision to take over is a “secret matter” to guarantee President Cho’s management rights.
Vice President Choi said, “If Korean Air performs a paid-in capital increase of 2.5 trillion won and KDB instead of Hanjin Kal participates in the paid-in capital increase, Hanjin Kal’s stake in Korean Air is less than 20%. . Violates the requirements of the holding company.
“The FTC will impose a fine and order an action to resolve the violation,” he explained.
He added that he was forced to take into account the fact that the FTC issued an order to resolve the breach and the holding company system would collapse.
He also said about the reason why Hanjin Kal is doing a capital increase paid to a third party, “In the case of a capital increase allocated by shareholders, it takes more than two months, so the urgent demand for funds does not is satisfied “.
“Asiana Airlines is concerned that its credit rating will decline to speculative grade until the end of the year without capital expansion,” he explained.
Vice President Choi emphasized that “Saneun will not exercise favorable voting rights only for a few”, and emphasized that “the exercise of voting rights will be done through an organization in which private members participate for a fair decision-making and transparent”.
Vice President Choi also said that if the management performance is insufficient after the integration of Korean Air and Asiana Airlines, the chairman of the Hanjin Group, Cho Won-tae, will retire from the front line of management.
“Chairman Won-tae Cho provided the entire stake in Hanjin Kal, which has a collateral value of 170 billion won, as collateral,” he said. “San Eun assumes great responsibilities and obligations, such as getting rid of collateral and resigning from the front line of management if management performance is insufficient through management evaluation. They gave me,” he said.
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 concern about the structure for which Hanjin Kal is liable in the event of a violation of the investment agreement, but this is not true at all,” he said. “We do not assume any responsibility for compensation for damages. It is a structure for retirement,” 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 held by President Won-tae Cho and 730 billion new shares of Korean. Air that Hanjin Kal will take on in the future. ” .
The KDB also prepared a plan to “ exclude the management of Hanjin Kal and the aviation subsidiaries by the affiliated families ” as a check against Hanjin Kal and its subsidiaries.
Consequently, Cho Hyun-min, Managing Director Han Jin-kal, must retire from his post.
Vice Chairman Choi said: “We are not considering a short-term recovery plan for the Hanjin Kal common shares acquired by KDB” and “We will negotiate to sell or buy treasury shares when the crown crisis ends and trading conditions recover. “.
/ yunhap news
