Former Korean Air Vice President Cho Hyun-ah Sells 210,000 Hanjin KAL Shares Over 3 Months
[Asia Economy Reporter Lee Jung-yoon] Former Korean Air Vice President Cho Hyun-ah sold 11 billion KRW worth of Hanjin KAL shares over three months.
According to the Financial Supervisory Service's electronic disclosure system on the 20th, former Vice President Cho sold 212,500 shares of Hanjin KAL from March this year. As a result, her stake in Hanjin KAL decreased from 5.79% in December last year to 5.43% this month.
It is suggested that the sale was likely made by former Vice President Cho to pay inheritance tax following the inheritance of Chairman Cho Yang-ho's shares.
Meanwhile, Cho Hyun-sook (76), aunt of Hanjin Group Chairman Cho Won-tae, sold all 37,901 shares of Hanjin KAL, securing about 2 billion KRW in cash. It is predicted that she sold the shares to pay inheritance tax on overseas assets of Cho Jung-hoon, the founder of Hanjin Group.
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With Aunt Cho selling all her shares, the number of special related parties to Chairman Cho decreased from nine to eight, including Lee Myung-hee, advisor of Jungseok Enterprises, Cho Hyun-min, Vice President of Hanjin Co., Ltd., Jungseok Inha Academy, and Ilwoo Foundation.
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