Hanjin Appeals to Shareholders: "3-Party Alliance Lacks Ability to Overcome COVID-19..."

Public Relations Heat Up Among Minority Shareholders and Institutions Ahead of the General Meeting of Shareholders

[Asia Economy Reporter Yu Je-hoon] On the 24th, three days before the crucial Hanjin KAL shareholders' meeting that will determine the fate of the Hanjin Group, the group appealed to shareholders for their support. Hanjin Group stated, "Please trust the current professional management team, which has over 30 years of rich experience and a global network, and possesses the capability to overcome the crisis caused by the novel coronavirus infection (COVID-19)." They added, "We earnestly ask for the help of our shareholders."

In a message sent to shareholders on the same day, Hanjin Group said, "The shareholder coalition (the three-party coalition) for group normalization lacks the management capability to overcome the current crisis caused by COVID-19."

First, regarding the three-party coalition raising criticism against Chairman Cho Won-tae and the current management team, Hanjin Group pointed out, "They are repeatedly engaging in shameless personal attacks by mentioning the individual names of executives in official documents."

Furthermore, concerning the three-party coalition's conflict of interest allegations against Professor Heo Hee-young of Korea Aerospace University, who is serving as a member of the National Pension Service (NPS) Stewardship Committee recommended by the employers' group, Hanjin Group stated, "This clearly crosses the line," and raised their voice, saying, "False agitation and criticism against Professor Heo, who was selected by the employers' group, is a serious harmful act that undermines the fairness of the National Pension Service."

Regarding the internal and external director candidates proposed by the three-party coalition, Hanjin Group commented, "Currently, due to COVID-19, we are facing an unprecedented crisis, and especially for our core affiliate Korean Air, most aircraft are grounded to a severe extent." They added, "In this situation, candidates who lack expertise in the aviation and logistics industries talking about the group's management, and private equity funds and speculative forces who may leave at any time claiming transparency of the group, represent another kind of 'unexperienced crisis'."

Hanjin Group further emphasized, "The three-party opposition coalition shaking the Hanjin Group includes former Vice President Cho Hyun-ah, who drove the group into crisis with the 'nut rage' incident; CEO Kang Sung-boo, a typical speculative force who disregards justification for profit maximization; and Chairman Kwon Hong-sa, who even demands the honorary chairman position."

Finally, Hanjin Group addressed shareholders, saying, "Each and every vote from our shareholders is extremely precious. We hope you will support the current management system without being swayed by the manipulations of speculative coalition forces." They concluded, "Based on the support of our shareholders, Hanjin Group will surely overcome the COVID-19 crisis."

This content was produced with the assistance of AI translation services.