End of Sibling Lawsuit... Supreme Court Dismisses "Jo Yang-rae Limited Guardianship Petition"

Director Jo Hee-kyung "Regrettable Decision... Wants Father to Receive Treatment"
Chairman Jo Hyun-beom's Management Rights Solidified

[Image source=Yonhap News]

The Supreme Court has rejected the application for limited guardianship over Cho Yang-rae, Honorary Chairman of Hankook & Company Group (formerly Hankook Tire). Cho’s eldest daughter, Cho Hee-kyung, director of the Hankook Tire Nanum Foundation, expressed disappointment, while Cho Hyun-beom, chairman of Hankook & Company Group, has solidified his management rights.

According to the legal community on the 1st, the Supreme Court’s Special Division 1 dismissed the retrial petition filed by Director Cho on the 30th of last month, which sought to initiate limited guardianship proceedings for her father, Honorary Chairman Cho.

Adult guardianship is a system that appoints a guardian for adults who have difficulty making decisions due to old age, disability, or illness. Director Cho filed for adult guardianship, questioning whether Honorary Chairman Cho’s decision to transfer all shares of Hankook & Company, the holding company of Hankook & Company Group (formerly Hankook Technology Group), to Chairman Cho Hyun-beom (then president) via a block deal in June 2020 was made voluntarily. In April 2022, the first-instance court dismissed Director Cho’s petition, and the appellate court also rejected it. Although Director Cho submitted a retrial petition in April, the Supreme Court found no issue with the lower court’s ruling.

Regarding this, Director Cho stated, "I began the adult guardianship petition to protect my father’s treatment and his convictions when he was healthy. Exactly four years have passed, but the law has never been just and has never sought to uncover the truth. My father was not evaluated as a sick elderly person or someone needing treatment; instead, he was hidden and concealed as a chaebol chairman and judged by his management rights."

She added, "As his child, I have done everything possible for my father’s treatment and hope that he actively receives care."

If the court had accepted the limited guardianship, Director Cho would have been able to exercise proxy rights, consent rights, and cancellation rights within the scope set by the court on behalf of Honorary Chairman Cho. It would also have been possible to reclaim the shares that Honorary Chairman Cho transferred to Chairman Cho Hyun-beom, but all of this was nullified by the Supreme Court’s ruling. Consequently, Chairman Cho Hyun-beom has fully secured management rights over Hankook & Company Group.

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