South Korean police seek warrant to arrest Hanjin CEO

Chairman of Hanjin Group, Cho Yang-ho

By Jite Eriabie 

South Korean police are seeking an arrest warrant for the Chairman of Hanjin Group, Cho Yang-ho.

Hanjin Group is a holding company comprising the defunct shipping company, Hanjin Shipping, and Korean Air.

The arrest is being sought on the grounds of an alleged breach of trust.

An investigation reportedly found that the funds of Korean Air have been used for private purposes by Cho, including renovation of his home, but Cho denies the claims.

Cho has presided over Hanjin Shipping during its demise, which has had a ripple effect on the container shipping business.

The former South Korean shipping giant Hanjin Shipping was officially declared bankrupt by the Seoul Central District Court on February 17, less than six months after it first filed for court receivership, ending its 40-year history.

READ ALSO  Police arraign man for stealing car brain box

A bankruptcy trustee was appointed to lead the sale of Hanjin’s remaining assets to pay off debts.

Six of Hanjin’s former ships were sent to scrapyards, while the others were taken over by other carriers. 

 

 

We pay for your stories! Do you have a story for Ships & Ports? Email us at [email protected] or call 0810 359 4873. You can also WhatsApp us here. We pay for videos too. Click here to upload yours. 

 

Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.