SEOUL, March 20 — The “nut rage” heiress who forced a plane to turn back over her macadamias is fighting a bitter battle — with activist shareholder support — against her brother for control of the family airline, highlighting resistance to reform in South Korea's chaebols. Cho Hyun-ah,...
Cho Hyun-ah , also known as Heather Cho, daughter of the late Korean Air Lines chairman, Cho Yang-ho. — File pic
A series of scandals centring on abuse of subordinates rapidly made the Chos the South's most vilified billionaires. Cho Won-tae inherited the chairmanship of the conglomerate's holding company Hanjin Kal after the siblings' father Cho Yang-ho — who led the successful bid for the Pyeongchang Winter Olympics — died last year.
Korean Air has lost 1.74 trillion won in five years, according to KCGI's Lee, who accuses Cho Won-tae of “repeated strategic mistakes.” There was “no disagreement” that Cho Won-tae was “the right businessman to weather the coronavirus crisis,” it added in a statement, saying he had demonstrated “excellent business performance.”The battle is on a knife-edge. Between them, Cho Hyun-ah, KCGI and ally Bando Engineering and Construction will have 32.03 per cent of voting rights at next week's Hanjin Kal annual meeting, when Cho Won-tae's fate will be decided.
And their political connections have proved increasingly controversial — Samsung scion Lee Jae-yong was jailed for his role in the corruption scandal that brought down president Park Geun-hye.
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