KCGI "Hanjin Executives Need Surgery"...Last-Minute Appeal for Support at Hanjin KAL AGM D-1

Kang Sung-boo, CEO of KCGI (center), is answering questions at a press conference held by the shareholder coalition for the normalization of Hanjin Group at the Glad Hotel in Yeouido, Yeongdeungpo-gu, Seoul on the 20th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Ji-hwan Park] Activist private equity firm KCGI appealed to shareholders for support a day before the Hanjin KAL regular general meeting of shareholders.

On the 26th, KCGI issued a press release titled "A Letter at the Crossroads of Hanjin Group's Revival," stating, "If the management of Hanjin Group does not take any responsibility for their management failures, it could cause damage not only to shareholders, creditors, customers, and employees but also to the national economy, including public funds."

KCGI criticized, "The current management of Hanjin Group has burdened the group with massive deficits and enormous debt and is not free from suspicion of causing losses to the company for the benefit of certain shareholders."

They added, "As a member of the Hanjin KAL shareholder alliance (the three-party alliance), KCGI has made a shareholder proposal at this general meeting with a heavy sense of responsibility," emphasizing, "Hanjin Group needs immediate surgery, not a general cold medicine, and an independent board of directors along with a professional management system capable of overcoming the crisis is an urgent emergency measure."

KCGI also urged, "At this crucial crossroads in the fate of Hanjin Group, which must become a strong representative Korean company, we ask for the wise judgment of various shareholders and the public."

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