Update: Request for Arrest of Hanjin Group’s Chair Denied
- Business & Finance
The Seoul District Prosecutor’s Office rejected the request for the arrest of the Chairman of Hanjin Group, Cho Yang-ho, Yonhap news agency reports.
The arrest was being sought on the grounds of an alleged breach of trust and misappropriation of funds from Korea Air Lines, part of Hanjin Group.
Specifically, Cho is suspected of using around USD 2.6 million for private purposes, including renovation of his home. Cho has denied the claims, according to local media.
Furthermore, the prosecutor said that more evidence needs to be provided to support the charges.
The group also included the defunct shipping company Hanjin Shipping, which was officially declared bankrupt by the Seoul Central District Court on February 17, ending its 40-year history.
Cho has presided over Hanjin Shipping during its demise, which has had a ripple effect on the container shipping business.
World Maritime News Staff