Vice Chairman Cho Hyun-sik's Father Participates in Adult Guardianship Trial... Korean Tire Management Dispute Intensifies
[Asia Economy Reporter Kiho Sung] The management rights dispute within Korea Technology Group (formerly Korea Tire Worldwide) is intensifying with the involvement of Vice Chairman Cho Hyun-sik.
According to business circles on the 5th, Vice Chairman Cho submitted a statement of opinion as an interested party to the Seoul Family Court regarding the adult guardianship petition against his father, Chairman Cho Yang-rae. As a result, Vice Chairman Cho now holds the same status as Cho Hee-kyung, Chairwoman of the Korea Tire Sharing Foundation, who initiated the trial as the petitioner.
Until now, Vice Chairman Cho’s side had been deliberating whether to submit a simple opinion or participate as an interested party upon the court’s request for opinions. With the submission of the statement, the importance of the adult guardianship trial against Chairman Cho has been further emphasized ahead of the management rights dispute.
Earlier, on August 25, Vice Chairman Cho had issued a statement saying, "I plan to participate in the adult guardianship trial procedure as a family member."
This submission of the opinion appears to have clarified the confrontation among the siblings. The youngest brother, President Cho Hyun-beom, is reported to have submitted an opinion to the court at the end of last month. Although the content has not been disclosed, it is speculated that he opposes limited guardianship over Chairman Cho.
However, the second daughter, Cho Hee-won, is known not to have expressed any particular opinion in response to the court’s request for opinion submission.
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Meanwhile, the court is reported to have issued an order for a family investigation related to this case on the same day. The family investigation order instructs the court investigator to examine the necessity of adult guardianship, which typically takes four to five months.
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