Group Chairman Cho Yang-ho has raised 40 billion won (US$36.05 million) that he pledged to provide to ease cargo disruption triggered by the near collapse of the group’s affliate Hanjin Shipping, according to South Korea’s top regulator on Sept. 13.
“It is confirmed that Cho has raised private assets worth 40 billion won,” Financial Services Commission Chairman Yim Jong-yong said during a meeting with the ruling Saenuri Party to discuss the Hanjin Shipping
Cho is known to have borrowed the money by using his stakes in Hanjin and Hanjin Kal
Hanjin Group Chairman Cho Yang-ho
However, Yim was pessimistic on financial help from Korean Air Lines, the biggest shareholder of Hanjin Shipping.
On Sept. 10, Korean Air
said it will provide 60 billion won funds only after Hanjin Shipping puts up its stake in a terminal at Port of Long Beach as collateral.
“It will take substantial amount of time to go through the procedure. We cannot assure that the fund will be provided,” he said.
Hanjin Group has come under fire for worldwide cargo disruptions caused after the world’s seventh-largest container shipping firm filed for court protection in South Korea.
By Park Han-na (email@example.com