KDB Prepares Plan to Exclude Affiliate Family Management … “Cho Hyun-min, Managing Director Han Jin-kal, should resign”

Entry 2020.11.19 22:40

The Korea Development Bank announced on the 19th that it had prepared a plan to “ exclude the management of Hanjin Kal and the airline subsidiaries from the affiliated families ” as a check against the affiliates while investing 800 billion won for the acquisition. of Asiana Airlines by Korean Air. According to this, Cho Hyun-min, Managing Director Han Jin-kal, must resign.

Sang-eun Choi, Vice President of Saneun, emphasized in an online press conference that afternoon, “Saneun will not exercise favorable voting rights only for some parties”, and emphasized that “the exercise of voting rights will be done through an organization involving private members for fair and transparent decision-making. ” .

“Chairman Won-tae Cho provided the entire stake in Hanjin Kal, which has a collateral value of 170 billion won, as collateral.” “He said.

Failure to implement replacement or dismissal of management due to poor management evaluation will result in a violation of the investment agreement. If you receive a grade of E on the management assessment or a grade of D for two consecutive years, you will be fired.

The Bank of Korea also announced that it has prepared a plan to “ exclude the management of Hanjin Kal subsidiaries and airline subsidiaries by the family of subsidiaries ” as a check against Hanjin Kal and its subsidiaries.

According to this plan, Cho has to retire from his position. Cho, the second daughter of the late Hanjin Group chairman Yang-ho Cho, returned to the front line of management when she was appointed CEO of Hanjin Kal, a Hanjin Group holding company, in June last year. About 14 months have passed since he was dropped from all charges following the so-called ‘Mulcup Gapjil’.

On that day, Vice President Choi said, “If the court cites the KCGI’s request for a temporary injunction, the combined Korean Air and Asiana Airlines transaction will inevitably be canceled. In this case, we will quickly come up with the next best option and continue to promote it.” .

The tripartite alliance formed by the former vice president of Korean Air Cho, the private equity fund KCGI and Bando E&C opposed Hanjin Kal’s resolution of a paid-in capital increase for a third-party assignment to KDB and requested a temporary injunction to prohibit the issuance of new shares. Those in dispute with President Cho insist that the decision to take over is a “secret matter” to guarantee President Cho’s management rights.