Hoban Group and Chairman Cho Won-tae compete for Hanjin Kal control

A management dispute has emerged over Hanjin Kal, the holding company of Hanjin Group, as Hoban Group has reportedly surpassed Chairman Cho Won-tae as the largest single shareholder through recent stock purchases. Hoban Group has filed a business combination report with the Fair Trade Commission following its acquisition of additional shares, though the group maintains the purpose of the purchase is “simple investment.”

In response, Chairman Cho Won-tae announced plans to acquire approximately 325,000 shares of Hanjin Kal via a block deal, valued at roughly 37 billion won, to strengthen his management position. While Hoban Group has increased its stake significantly since 2022, market analysts suggest that a change in control may not be immediate.

Chairman Cho maintains a strong defensive position through friendly shareholders, including Delta Air Lines (14.90%) and the Korea Development Bank (10.58%). Additionally, Japan Airlines is considered a potential ally. The outcome of this struggle may be influenced by the upcoming shareholder meeting in March and the future disposition of shares held by the Korea Development Bank following the integration of Korean Air and Asiana Airlines.