Hoban Group and Chairman Cho compete for Hanjin Kal control

Hoban Group has initiated a period of strategic restructuring and expansion. In October 2026, the group implemented a new management system by appointing several key executives, including Kim Dae-heon as Chairman of the Board of Hoban Construction and Song Jong-min as Senior Vice Chairman and CEO of Hoban Construction. Additionally, Kim Jun-seok was named CEO of Taihan Cable & Solution to focus on next-generation technologies and international market expansion.

By November 2026, a management dispute emerged over Hanjin Kal, the holding company of Hanjin Group, after Hoban Group surpassed Chairman Cho Won-tae as the largest single shareholder through significant share purchases. On November 4, public disclosures revealed that four Hoban Group affiliates, including Hoban Construction, hold 13,814,053 common shares, representing 20.69% of the company. This stake exceeds the 20.58% held by Chairman Cho and his related parties by a margin of 0.11 percentage points. The Cho faction includes Cho Won-tae at 5.79%, Hanjin President Cho Hyun-min at 5.75%, and advisor Lee Myung-hee at 1.83%.

While Hoban Group maintains the purpose of the investment is “simple investment,” the group has filed a business combination report with the Fair Trade Commission. In response, Chairman Cho has signed a contract to purchase approximately 325,000 additional shares via an after-hours block deal valued at roughly 37.05 billion won. Scheduled between early December and early January, this transaction could increase the Cho faction's stake to approximately 21.07%, potentially reclaiming largest shareholder status. The outcome may be influenced by the upcoming shareholder meeting in March and the future disposition of shares held by the Korea Development Bank.