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Cho Hyun-moon, former vice president of Hyosung (photo = Yonhap news) |
[Alpha Biz = Reporters Kim Sang-jin and Lee Joon-hyun] Hyosung Group was found to be facing a full-fledged second power struggle.
According to the Alpha Biz coverage on the 3rd, it is known that Goldman Sachs, which acquired the shares of former Hyosung Vice President Cho Hyun-moon, will begin to investigate in earnest who is responsible for the management failures of Chairman Cho Hyun-joon and Vice Chairman Cho Hyun-sang.
An official familiar with internal affairs told Alpha Biz, "I understand that former Vice President Cho Hyun-moon minimized any movement that could be seen as a fight between brothers when his father, Chairman Cho Seok-rae was alive."
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(photo = Yonhap news) |
Former Vice President Cho Hyun-moon is said to take issue with the separation of affiliates, which Hyun-joon and Hyun Sang brothers are pushing for.
Lee Kil-woo, a representative lawyer at the law firm LKS, said, "Hyosung's separation of affiliates between the brothers Hyun-joon and Hyun-sang is believed to be a desperate measure to prevent another power struggle," adding, "If Cho Hyun-moon points out injustice and other problems by citing his stake to be inherited and his stake in Goldman Sachs, it is highly likely to fail."
According to the legal community, if the late Chairman Cho Seok-rae's shares in Hyosung Co., Ltd. are divided into legal inheritance divisions, there is a high possibility that 3.38% will be distributed to his spouse, Song Gwang-ja, and 2.5% to each of his three brothers, including Chairman Cho Hyun-jun, Vice Chairman Cho Hyun-sang, and the second son, former Vice President Cho Hyun-moon.
Alphabiz Reporter kimsangjin(ceo@alphabiz.co.kr)
