KCGI "Cho Won-tae-SanGinn secret collusion... Will use all legal means to stop it"

"Conducting a rights offering for all shareholders and allocating any unsubscribed shares to KDB is the fair approach"

Kang Sung-boo, CEO of KCGI, is attending the press conference of the shareholder alliance for the normalization of Hanjin Group held at Glad Hotel Yeouido, Yeongdeungpo-gu, Seoul on the 20th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Yoo Je-hoon] Private equity fund (PEF) KCGI stated on the 16th that KDB Industrial Bank's participation in Hanjin KAL's third-party allotment capital increase to acquire Asiana Airlines is a "secret collusion between Cho Won-tae, chairman of the Hanjin Group, and the Industrial Bank," and said it will "use all legally permissible means to block it."

KCGI released a press statement in the afternoon, saying, "We strongly oppose Chairman Cho's attempt to defend the management rights of the Hanjin Group and even acquire Asiana Airlines using the people's tax money without a single won of personal contribution from him." KCGI, along with former Korean Air Vice President Cho Hyun-ah and Bando Construction, formed the 'Shareholders' Coalition for the Normalization of the Hanjin Group' and is engaged in a management rights dispute with Chairman Cho's side.

KCGI emphasized, "Chairman Cho's attempt forces unilateral sacrifice without considering the interests of general shareholders and employees of Hanjin KAL and Korean Air at all," and added, "It is fair and reasonable to conduct a capital increase targeting all shareholders and allocate any unsubscribed shares to the Industrial Bank."

Furthermore, KCGI stated, "Regarding this attempt to sacrifice taxpayers, shareholders, and employees for Chairman Cho's private interests, KCGI will use all means permitted by law to block it."

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