Jo Yang-rae Faces 'Adult Guardianship Commencement Trial'... Cho Hyun-sik "Considering as Major Shareholder"

[Asia Economy Reporter Kiho Sung] Korea Technology Group (formerly Korea Tire Worldwide) announced that Vice Chairman Cho Hyun-sik expressed his position of "considering the matter as a major shareholder of the group" regarding the request by the eldest daughter, Cho Hee-kyung, Chairwoman of the Korea Tire Sharing Foundation, to the court to appoint a guardian supervisor for her father, Chairman Cho Yang-rae.

On the 30th, Vice Chairman Cho conveyed through a statement by his representative, "Regarding the issue of Chairman Cho Yang-rae's adult guardianship application (which occurred today), Vice Chairman Cho is considering it as a family member and a major shareholder of the group." Additionally, Vice Chairman Cho's side announced that the law firm Won has been advising him comprehensively.

Earlier, Chairwoman Cho filed a 'petition for commencement of adult guardianship' at the Seoul Family Court in the morning and stated in a press release, "We requested the commencement of adult guardianship to objectively determine whether Chairman Cho is capable of voluntary decision-making in a healthy state," adding, "Through an objective judgment, we aim to protect the chairman's usual beliefs and prevent potential problems that may arise for the family or the company."

The adult guardianship system is a system that appoints a guardian for adults who continuously lack the ability to manage affairs due to mental limitations such as illness, disability, or old age. The ward can receive protection and support from the guardian for property management and matters difficult to decide independently in daily life.

Through the petition, Chairwoman Cho's side explained, "Many people were surprised and bewildered to see decisions suddenly made that are very different from the beliefs and thoughts Chairman Cho has held so far. We believe it is time for an objective judgment on whether these decisions were made voluntarily by the chairman in a healthy mental state," adding, "We want to protect the chairman's usual beliefs and prevent further problems by receiving an objective judgment on this matter."

Since Chairman Cho's second son, President Cho Hyun-beom, overtook the eldest son, Vice Chairman Cho, to become the largest shareholder, Chairwoman Cho has opposed accepting her father's decisions, so the 'brotherly conflict' over management rights is expected to intensify.

Previously, Chairman Cho recently sold all of his 23.59% stake in Korea Technology Group to his second son, President Cho, through a block deal (large-scale off-hours sale). Combining his existing shares with his father's shares, President Cho now holds 42.9%, becoming the largest shareholder. Although there were concerns in the business community about the possibility of a management dispute, the company quickly reassured that "the existing brotherly management system will remain unchanged."

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