Jowon Tae, Hanjin Kal Stocks Pledged Again for 20 Billion Won Loan... Interest in Usage
On the 27th, shareholders and executives moved inside the building at the 'Hanjin KAL 7th Regular Shareholders' Meeting' held at the Hanjin Building Main Office in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@
View original image[Asia Economy Reporter Yoo Je-hoon] Cho Won-tae, chairman of Hanjin Group, has secured another loan of 20 billion KRW by pledging Hanjin KAL shares as collateral. Amid the ongoing management rights dispute with the 'Shareholder Alliance for the Normalization of Hanjin Group' (commonly known as the Three-Party Alliance), industry attention is focused on whether this loan is for defending management rights or for paying inheritance tax amounting to approximately 270 billion KRW.
According to the Financial Supervisory Service's electronic disclosure system on the 16th, Chairman Cho borrowed 20 billion KRW on the 7th by pledging 800,000 shares of Hanjin KAL as collateral with Woori Bank. This corresponds to about 1.35% of Chairman Cho's stake.
Last month, Chairman Cho also borrowed 20 billion KRW from NH Nonghyup Bank by pledging 700,000 shares of Hanjin KAL as collateral. Within just one month, he secured funds amounting to 40 billion KRW through stock-collateralized loans.
Industry insiders expect that Chairman Cho pursued collateral loans to pay inheritance tax. Following the passing of the late Chairman Cho Yang-ho last year, the Hanjin family, including Chairman Cho, inherited a 17.84% stake in Hanjin KAL. The business community estimates that the resulting inheritance tax will reach around 270 billion KRW.
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There is also an interpretation that the funds were secured to narrow the gap in shareholding ratio with the Three-Party Alliance. The Three-Party Alliance recently conducted a successful public tender offer for 1.2 million warrants. If Chairman Cho does not acquire additional warrants and the Three-Party Alliance exercises their warrants, the shareholding gap between the two sides could widen to 6 percentage points.
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