Chairman Cho Yang-rae of Hankook Tire Undergoes Psychiatric Evaluation at Sinchon Severance

[Asia Economy Reporter Seongpil Cho] Cho Yang-rae, chairman of Hankook Tire, who is undergoing adult guardianship trial procedures, will soon undergo a psychiatric evaluation at Sinchon Severance Hospital.

According to industry sources on the 29th, the Seoul Family Court decided Sinchon Severance Hospital as the institution to conduct the psychiatric evaluation for Chairman Cho. The court stated that this decision was made considering the opinions of Chairman Cho himself, the petitioner and eldest daughter Cho Hee-kyung, chairwoman of the Hankook Tire Nanum Foundation, and the expected evaluation schedule. Accordingly, Sinchon Severance is expected to coordinate with Chairman Cho’s side soon to set the evaluation schedule and other details. Typically, once the hospital’s investigation is conducted, the court may resume the hearing and set a new hearing date if necessary, or request additional explanatory materials after the hearing concludes. Once the hearing is concluded, the court will decide whether to commence guardianship within a certain period.

Earlier, in June of last year, Chairwoman Cho filed for adult guardianship on July 30th of the same year, stating that after Chairman Cho sold all shares of the holding company Hankook Technology Group to his second son Cho Hyun-bum, "it must be determined whether the decision made by my father was made voluntarily and in a sound mental state." Cho Hyun-bum acquired all of Chairman Cho’s shares, increasing his stake to 42.9%, becoming the largest shareholder of Hankook Technology Group. Even when combining the shares of the eldest son Vice Chairman Cho Hyun-sik (19.32%), Chairwoman Cho (0.83%), and Cho Hee-won (10.82%), the total is 30.97%, which is significantly less than Cho Hyun-bum’s stake.

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