Chairman Cho Yang-rae Under Limited Guardianship Investigation... Turning Point in Hanta Family Management Dispute

Cho Yang-rae, Chairman of Hankook & Company

[Asia Economy Reporter Ki-min Lee] As the children of the Hankook Tire family are engaged in a management rights dispute, Cho Yang-rae, chairman of Hankook & Company, will undergo a limited guardianship investigation on the 10th.

Since the eldest daughter, eldest son, and second son are competing in a vote over the appointment of outside directors and audit committee members at this week's shareholders' meeting, Chairman Cho's health condition is expected to become a turning point in the dispute.

According to the legal and industry circles, Chairman Cho will undergo a limited guardianship investigation by the Seoul Family Court at his residence in Gangnam-gu, Seoul, at 2 p.m. on the day. Considering Chairman Cho's advanced age of 85, the court chose a family investigation format.

After the investigation, Chairman Cho will receive a physical examination at one of the Seoul National University Hospital, National Mental Health Center, or Asan Medical Center in Seoul, which have business partnerships with the Seoul Family Court.

The eldest daughter, Cho Hee-kyung, chairwoman of the Hankook Tire Nanum Foundation, maintains that the limited guardianship petition against Chairman Cho and the series of conflicts are separate issues, but inside and outside Hankook & Company, this investigation is regarded as a key factor that will determine the direction of the management rights dispute.

Chairman Cho's limited guardianship investigation was triggered when the second son, President Cho Hyun-bum, who inherited management rights, faced opposition from Chairwoman Cho, who filed a limited guardianship petition with the court.

Some expect that it will take several months for the investigation or physical examination results of Chairman Cho to come out, but if information about the investigation or physical examination is disclosed in advance, it could influence the vote battle at this shareholders' meeting.

Vice Chairman Cho has proposed a shareholder proposal at the Hankook & Company shareholders' meeting to appoint Professor Lee Han-sang of Korea University as an outside director and audit committee member. Chairwoman Cho also proposed Lee Hye-woong, CEO of BRB Korea Advisors, as a candidate for outside director and audit committee member at the affiliate Hankook Tire & Technology.

Outside directors and audit committee members participate in the board of directors and audit committee, overseeing overall corporate management and exercising voting rights, making these positions central in the management rights dispute.

The shareholders' meetings of Hankook & Company and Hankook Tire & Technology will be held on the 30th of this month at 9 a.m. and 1:30 p.m., respectively, at the Hankook & Company headquarters in Seongnam-si, Gyeonggi Province.

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