Hyosung Group Honorary Chairman Cho Seok-rae s death at the age of 89 on Friday has been mourned by the heads of Korea s largest conglomerates and influential politicians of both ruling and opposition parties, as the deceased entrepreneur contributed to the Korean chemical industry s growth and economic ties with foreign countries, industry officials said Sunday.
Hyosung Group has begun procedures for the chairman’s youngest brother to take control of several of the group’s affiliates, so that the owner family can avoid any additional internal conflicts, according to industry officials, Sunday.
The months-long dispute among the owner family of Hankook & Company ended in a victory for current Chairman Cho Hyun-bum, the second son of Honorary Chairman Cho Yang-rae, according to market watchers, Tuesday.
Shares of the holding firm of Hankook Tire & Technology again saw volatile fluctuation on Monday, after the siblings of its owner family intensified an ongoing fight for control of the firm.
The family struggle over control of Hankook & Company, which had initally appeared to be settling down with the father siding with the current chairman, is reaching another stage as private equity company MBK Partners raised the price of its public tender offer, according to industry officials, Sunday.