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【Youth Daily】 Although Korean Air has decided to take over Asiana Airlines, there are many challenges to overcome until a complete merger between the two companies.
First, concerns about restructuring and monopoly have emerged as the biggest problems, and the controversy over preferential treatment for Korean Air has raised reefs everywhere.
Hanjin Group Chairman Cho Won-tae said on the 18th: “There is no restructuring plan after the integration of Asiana Airlines. I don’t think government support is preferential treatment, ”he said, and began to evolve on the restructuring concerns and preferential controversies raised by some.
In addition to President Cho, the Ministry of Land, Infrastructure and Transportation and the Korean Development Bank, a creditor of Asiana Airlines, drew a line that there was no artificial restructuring of the workforce after the merger of the two companies. .
However, voices of concern about the massive reduction in the workforce continue to emerge, centered on the unions at both companies.
On the 16th, when the decision to take over Korean Air was announced, five unions from both companies, including the Korean Air Pilots Union, the Korean Air Employees Alliance, the Asiana Airlines Pilots Union, the Asiana Airlines Open Pilots and the Asiana Airlines union, were The acquisition decision should be withdrawn. “
The five unions argue that “unification can create job insecurity.”
The five unions requested to attend the government, such as the Korean Development Bank, to hold a labor-management council to discuss the procurement issue on the afternoon of 19, but it was reported that they received no response on whether to attend or not.
Among them, the Korean Air union, which has around 12,000 employees excluding Korean Air pilots, said: “We respect the acquisition decision on the premise of stable employment”, and a position different from that of the five unions raises the possibility of a labor dispute.
Along with this, monopoly concerns have continued since the acquisition announcement due to the launch of a supergiant airline with the merger of the two companies.
Korean Air and Asiana Airlines’ share of domestic airlines will exceed half when combined with subsidiaries.
In a comment the day before, the solidarity for the participation of civic groups criticized the acquisition of Asiana Airlines by Korean Air for the lack of measures to resolve the monopoly and stabilize employment.
In this regard, President Cho said: “There is no price increase even after integration,” and the Ministry of Land, Infrastructure and Transport said: “Korean Air cannot increase (the fare) unilaterally because foreign airmen currently have a market share of more than 33% “. Emphasis.
Furthermore, Hanjin Kal politicians and shareholders continue to criticize Sangeun’s investment in Hanjin Kal, saying he was “giving preferential treatment to the head of the chaebol.” The controversy over preferential treatment stems from the logic that the Korea Development Bank, which invests 800 billion won in Hanjin Kal, Korean Air’s holding company, can secure a 10.66% stake and serve as a “friend.” of President Cho.
The tripartite alliance, consisting of the activist private equity fund (PEF) KCGI, Bando E&C and former Korean Air vice president Cho Hyun-ah, argued that the KDB secured a stake and empowered Cho.
KCGI is voicing intense criticism day after day, saying, “President Won-tae Cho’s defense of management rights using the blood of the public is the hidden essence.” On this day, KCGI applied for an interim injunction to prohibit the issuance of new shares to the court to respond to the resolution of Hanjin Kal’s paid-in capital increase to a third party assigned to the Korea Development Bank.
Chairman Cho explained, “When I first inquired about my intention to (acquisition), I just said that I could do it,” he explained in the sense that it was not a proposal to move to San Eun first to receive preferential treatment.
As if aware of the point that he would become President Cho’s white knight in the dispute over the management rights of the Bank of Korea, he signed an investment agreement with Hanjin Kal and inserted the seven mandatory provisions that Hanjin Kal must observe.
The mandatory provisions contained content that allowed KDB to monitor President Cho’s performance through the Ethics Management Committee and the Management Evaluation Committee. In addition, since the entire stake in Hanjin Kal, owned by Chairman Cho, and the entire stake to be acquired are set as collateral, management can be withdrawn when management performance is insufficient.
【Youth Diary = Reporter Lee Seung-gu】
