Kumho Petrochemical Affiliate Union "Concerned About Park Cheol-wan's Takeover of Management, Who Supported Chairman Park Sam-gu"

[Asia Economy Reporter Hwang Yoon-joo] The labor unions of three Kumho Petrochemical affiliates expressed concerns that Executive Director Park Cheol-wan's shareholder proposal is an attempt to seize control of Kumho Petrochemical's management.

The labor unions of Kumho Mitsui Chemicals and Kumho Polychem stated, "The labor unions of the two Kumho Petrochemical affiliates, along with the Kumho Petrochemical labor union, will take all possible measures to prevent Executive Director Park Cheol-wan from taking over management control."

The labor unions of Kumho Mitsui Chemicals and Kumho Polychem pointed out, "About 10 years ago, due to the reckless acquisition of Daewoo Engineering & Construction and Hanjin Transportation by the side of former Chairman Park Sam-gu, the Kumho Group was ultimately torn apart, and the workers of our two chemical companies and Kumho Petrochemical had to bear responsibility for that insolvency. At that time, Executive Director Park Cheol-wan took advantage of the gap when Chairman Park Chan-gu was ousted to join the Kumho Group Strategic Management Headquarters and sided with former Chairman Park Sam-gu."

They added, "The two tried to protect management control under the pretext of rebuilding the group by attempting to sell the perfectly fine Kumho Mitsui Chemicals to a competitor and even tried to conduct due diligence. Instead of taking responsibility for management failures, they planned to sell off major assets of Kumho Polychem to fatten their own pockets."

The labor unions of Kumho Mitsui and Kumho Polychem emphasized, "Executive Director Park sided with former Chairman Park Sam-gu's faction while they pushed for the disintegration of the Kumho Petrochemical Group, endangering the lives of our workers. Our two chemical companies and their workers nearly became scapegoats, but over the past decade, our workers have protected and grown our companies together with the current management."

The labor unions of Kumho Mitsui and Kumho Polychem reiterated, "Now, Executive Director Park Cheol-wan is trying to swallow the entire Kumho Petrochemical Group in a self-serving manner. We strongly condemn Park Cheol-wan's shameless behavior and strongly urge him to reflect on whether he is morally qualified to discuss superficial matters such as affiliate listings."

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