Cho Hyun-ah Sells Additional 8.7 Billion KRW Worth of Hanjin Kal Shares... Stake Decreases from 5.71% to 5.47%

[Asia Economy Reporter Kang Nahum] Former Korean Air Vice President Cho Hyun-ah has sold additional shares of Hanjin KAL. It appears to be a move to secure cash for paying inheritance tax following the inheritance of shares from the late Chairman Cho Yang-ho.

According to the Financial Supervisory Service's electronic disclosure system on the 11th, Cho sold 157,500 shares of Hanjin KAL, which she held, between the 19th and 30th of last month, securing approximately 8.7 billion KRW in cash.

In March, Cho also sold 55,000 shares of Hanjin KAL worth 3.3 billion KRW. Her stake in Hanjin KAL decreased from 5.71% on the 1st of last month to 5.47% currently.

Cho had previously used 3,126,348 shares of Hanjin KAL as collateral to secure loans from financial institutions and entered into a contract for installment payment of inheritance tax. Accordingly, it is known that she must pay hundreds of billions of KRW in inheritance tax annually, approximately 10 billion KRW each year.

Having stepped down from management, Cho appears to have prepared funds for inheritance tax by selling shares, as she no longer receives a salary.

Additionally, the fact that the management dispute with Cho Won-tae, Chairman of Hanjin Group, has effectively come to an end is also cited as a reason for proceeding with the share sales.

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