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Kumho Asiana chief takes first win in battle with brother

[THE INVESTOR] The first round of the legal battle between Kumho companies has gone to Kumho Asiana Group chairman Park Sam-koo.

On June 23, the Seoul Central District Court sided with Park in the civil suit brought by his brother Park Chan-koo’s Kumho Petrochemical.

Kumho Petrochemical had filed a suit against Park and former Kumho E&C chief Kee Ock claiming that the two were behind the sale of Kumho Industrial’s commercial papers in 2009.

The firm claims that the two orchestrated the sale of the commercial papers to Kumho Petrochemical despite being aware that Kumho Industrial was financially unsound. In the suit, Kumho Petrochemical demanded compensation of 10.3 billion won (US$8.9 million), saying that the corporate papers had cost the company 16.5 billion won.

By Choi He-suk (