The death of Hanjin Group Chairman Cho Yang-ho this week at an L.A. hospital could weaken his family’s grip on an aviation-to-logistics empire that was built over two generations and includes Korean Air.
Late Korean Air Chief Executive Cho Yang-ho at a Pyeongchang Winter Olympics event in Seoul. Cho died Sunday at a hospital in Los Angeles. this week threatens to weaken his family’s grip on an aviation-to-logistics empire built over two generations.
At 50%, South Korea’s top inheritance tax rate is among the highest in the developed world, with an extra 20% tax levied when passing down shares owned by the largest investor. The 43-year-old son faces challenges as he prepares to possibly take over the running of a conglomerate that has been at the center of controversy in recent years. About two weeks before his death, Cho was ousted from Korean Air’s board amid charges of embezzlement, while Walter Cho’s two sisters were previously removed from managerial positions for abuse of power.
Hanjin Shipping Co., once South Korea’s biggest container line, collapsed in 2016 because of overcapacity in the industry, dealing another blow to the group. The National Pension Service has adopted a stewardship code to take a more active role as a shareholder in the companies, but proposed rule changes that would make it harder for founding families to exert control have been stuck in South Korea’s National Assembly since November 2018.
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