At first I would post this in the Korean Aviation Thread, but as this is an ongoing and developing issue, I will create a separate thread for this.
The former owner of Hanjin Group, Cho Yang-ho (the first son of the founder Cho Joong-hoon), passed away this April.
The second child, Cho Won-tae or Walter Cho, succeeded him and became the chairman and CEO of Korean Air.
At the time, the oldest child Cho Hyun-ah or Heather Cho had been kicked out of the company (due to the Nut Rage). Emily Cho, the third child and the Water Rage, had resigned as well, for the incident as well as for the Korean law that does not allow a single foreigner on the airline board. Emily Cho is a US citizen.
Each of the three children owns fairly similar amount of Hanjin KAL shares. Won-tae 6.52%, Hyun-ah 6.49% and Emily 6.47%. Hanjin KAL is the parent company for Korean Air, Jin Air, and other Hanjin-owned companies such as hotel management. In addition, Lee Myung-hee, the mother of the children, has 5.31%.
Meanwhile KCGI, a private equity fund and the biggest threat to the Cho family, owns 17.29%. Delta Air Lines owns 10%, and Bando Engineering & Construction owns 6.28%. Korean National Pension Service owns 4.11%. It is assumed that the DAL shares are friendly to Cho family, but Bando one is unknown.
한진칼 Hanjin KAL
조원태 Cho Won-tae or Walter
조현아 Cho Hyun-ah or Heather
조현민 Emily Cho
이명희 Lee Myung-hee
Emily returned to the Hanjin KAL board this June. She was not accused by the prosecutor for the Water Rage. She still cannot be a board member of an airline, but the parent company seems okay with it. Hyun-ah (and the mother) on the other hand was found guilty for smuggling charge and is not yet on the board.
A few days ago, Cho Hyun-ah accused Cho Won-tae of ignoring the father's will, which was to manage the group together in peace. But as she has no seat in the board, Hanjin KAL simply dismissed her statement saying the company is only following the legal procedure.
Later news revealed that Hyun-ah got furious after Won-tae replaced the board members close to Hyun-ah with the Won-tae's aides, and for the Hanjin KAL's plan to sell off the hotel business. Given that the hotel business is losing a ridiculous amount of money (including the LA Wilshire Grand) it is reasonable to sell that off, but Hyun-ah was closely related to the hotel business. She was the CEO of KAL Hotel Network before the Nut Rage.
Cho Won-tae had a fight with his mother for the news that claimed that the mother agree with the Hyun-ah's accusation. He cracked a vase and destroyed the window, hurting his mother (image not shown). Lee Myung-hee asked for a protection.
The family feud keeps aggravating; not only legally and financially but also physically. It is even speculated that KCGI can ally with Hyun-ah and mother to overthrow Won-tae dominance (not very likely imo but certainly possible with their shares). I will continue to post the development as this is the craziest Chaebol feud currently ongoing in Korean aviation (or in Korea generally)