Jo Won-tae, Lee Myung-hee, Jo Hyun-min Sell Shares of Hanjin Affiliate Jeongseok Enterprise

Former Ilwoo Foundation Director Lee Myung-hee, who is accused of illegally employing a Filipino domestic worker, is entering the courtroom to attend the first trial sentencing hearing held at the Seoul Central District Court in Seocho-gu, Seoul, on the 2nd. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Dongwoo Lee] Cho Won-tae, Chairman of Hanjin Group, Lee Myung-hee, former Chairwoman of Ilwoo Foundation, and Cho Hyun-min, Vice President of Hanjin, sold their shares in Jeongseok Enterprise, a Hanjin affiliate.

On the 26th, it was disclosed that former Chairwoman Lee sold all 84,685 common shares (6.87%) at 320,000 KRW per share for a total of 27.099 billion KRW, and Vice President Cho sold all 56,458 common shares (4.59%) for 18.067 billion KRW.

Chairman Cho Won-tae also sold 9,326 of his 56,458 shares for 2.984 billion KRW. As a result of this sale, Chairman Cho's stake decreased from 4.59% to 3.83%.

Industry insiders view this stock sale as a move to pay inheritance tax.

Previously, Chairman Cho reported 270 billion KRW in inheritance tax to the National Tax Service after inheriting Hanjin KAL shares held by the late Chairman Cho Yang-ho along with former Chairwoman Lee, former Korean Air Vice President Cho Hyun-ah, and Vice President Cho Hyun-min.

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