Vice Chairman Cho Hyun-sik "Participating in Father's Adult Guardianship Trial"... Korea Tire's 'Sibling Conflict' Intensifies

Cho Hyun-sik, Vice Chairman of Korea Technology Group (Photo by Korea Technology Group)

[Asia Economy Reporter Kim Ji-hee] Cho Hyun-sik, Vice Chairman of Hankook Technology Group, has declared his intention to participate in the adult guardianship trial petition concerning his father, Chairman Cho Yang-rae, marking his official entry into the management rights dispute. This comes about a month after Cho Hee-kyung, the eldest daughter of Chairman Cho and director of the Hankook Tire Sharing Foundation, filed a petition for limited guardianship initiation at the Seoul Family Court on the 30th of last month.

On the 25th, Vice Chairman Cho, through his legal representative, Law Firm One, released a statement saying, "There are doubts being raised by those around the Chairman regarding his current health condition, and consequently, there are concerns about the future of the group." He added, "There is a strong suspicion that recent decisions made by Chairman Cho Yang-rae may have been based on information provided by people around him that does not reflect the facts."

Vice Chairman Cho stated, "The recent controversy over Chairman Cho's health condition requires an objective and clear judgment based on expert opinions within legal procedures, not only for his own sake but also for the benefit of Hankook Technology Group, its shareholders, and employees." He continued, "Therefore, I plan to participate as a family member in the ongoing adult guardianship trial process." He further added, "During this process, new decision-making should be deferred to prevent any further disputes."

He also conveyed, "I will do my best to resolve the current situation amicably through future family discussions."

Earlier, on the 26th of last month, Chairman Cho sold his entire 23.59% stake in Hankook Technology Group to his second son, President Cho Hyun-beom, through a block deal, signaling the intensification of the management rights dispute within the family. Subsequently, on the 30th of last month, Director Cho filed a petition for the initiation of adult guardianship for Chairman Cho, stating, "An objective judgment is necessary to determine whether Chairman Cho is capable of making voluntary decisions."

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