Chairman Cho Yang-rae: "I am healthy... I don't even answer my eldest daughter's calls"

Cho Yang-rae, Chairman of Korea Technology Group

[Asia Economy Reporter Kiho Sung] Cho Yang-rae, chairman of Korea Technology Group (formerly Korea Tire Worldwide), expressed his bewilderment over the appointment of a guardian for his adult affairs, saying, "I really don't understand why my eldest daughter is doing this." Earlier, Cho's eldest daughter, Cho Hee-kyung, director of the Korea Tire Sharing Foundation, had petitioned the court to be appointed as her father's guardian.

In a statement released on the 31st, Chairman Cho said, "Upon hearing the recent news that my eldest daughter filed a petition to commence adult guardianship, I feel truly ashamed and concerned that this appears as a family dispute," adding, "This has become a social issue causing confusion among shareholders and unrest among employees, so I am issuing this statement to manage the situation."

He said he called Director Cho yesterday (the 30th) but she did not answer, noting, "I felt that our relationship had become somewhat distant due to the recent stock sale," and added, "I really don't understand why my beloved eldest daughter is doing this, and I want to ask if she is okay."

Regarding his health, he stated, "I enjoy playing golf with friends every week, and on days without golf, I receive personal training and walk more than 4 to 5 kilometers daily," and added, "I believe I am living very healthily for my age."

On the circumstances of selling shares to his second son, he explained, "I have entrusted President Cho Hyun-beom with actual management for about 15 years, during which he has achieved good results and greatly contributed to the company's growth. After sufficient verification, I had already designated him as the largest shareholder," and continued, "To prevent further confusion over the largest shareholder status amid various family movements in recent months, I sold all shares to President Cho Hyun-beom as previously planned. I want to emphasize that this was not a sudden decision."

Regarding Director Cho, he said, "If it is about greed for management rights, I have never once thought of giving management rights to my daughter," and drew a clear line, saying, "If it is about money, I believe I have already gifted enough money to all my children, including my eldest daughter, so they can live comfortably. If she has intentions for the foundation, she can use the money she has already received."

Below is the full text of the statement released by Chairman Cho on the same day.

Hello,

This is Cho Yang-rae of Korea Technology Group.

Having been in business for over 60 years, this is the first time I have appeared before the public like this, so it feels very unfamiliar and even awkward,

but upon hearing the recent news that my eldest daughter filed a petition to commence adult guardianship,

I feel truly ashamed and concerned that this appears as a family dispute,

and since it has become a social issue causing confusion among shareholders,

and unrest among employees, I am issuing this statement to manage the situation.

I am very surprised and truly heartbroken by my beloved eldest daughter's actions.

I called her yesterday, but she did not answer.

I felt that our relationship had become somewhat distant due to the recent stock sale,

but I really don't understand why my beloved eldest daughter is doing this,

and I want to ask if she is okay.

Regarding the recent stock sale,

I have entrusted President Cho Hyun-beom with actual management for about 15 years,

during which he has achieved good results and greatly contributed to the company's growth,

and after sufficient verification, I had already designated him as the largest shareholder.

To prevent further confusion over the largest shareholder status amid various family movements in recent months,

I sold all shares to President Cho Hyun-beom as previously planned.

I want to emphasize again that this was not a sudden decision.

Regarding my health, I enjoy playing golf with friends every week,

and on days without golf, I receive personal training and walk more than 4 to 5 kilometers daily.

I believe I am living very healthily for my age,

and I really don't understand why my eldest daughter is doing this.

If it is about greed for management rights, I have never once thought of giving management rights to my daughter.

My daughter has never been involved in the company's management and is living well as a wife managing her household.

If it is about money, I believe I have already gifted enough money to all my children, including my eldest daughter, so they can live comfortably.

If she has intentions for the foundation, she can use the money she has already received.

I have also been thinking a lot about donating my personal assets to social causes and

am looking for ways to do so in the future.

However, I believe that deciding on how to do this is something I must consider and decide going forward.

While my children can express their opinions, I believe that the decision and involvement are not theirs to make.

I sincerely hope my daughter returns to being the loving daughter she once was.

Once again, I apologize for causing concern due to my family matters,

and as Korea Technology Group approaches its 80th anniversary next year,

I will do my best to help the company develop further and contribute to society and the nation.

Thank you.

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