Hanjin Group Chairman Cho Won-tae received another 20 billion won loan from Hanjin Kal's stock as collateral.

Chairman Cho announced on the 14th that he had received a loan of 20 billion won using 800,000 shares of Hanjin Kal's stock.

On the 16th of last month, Chairman Cho previously announced on the 23rd of last month that he received 20 billion won in stock-backed loans with 700,000 shares of Hanjin Kal's stock.

As Chairman Cho secured 40 billion won in cash through stock mortgage loans within a month, attention is being drawn to the use of funds both inside and outside the industry.

First of all, there is strong observation that it will defend management rights against the'three-party alliance' consisting of former Korean Air Vice President Cho Hyun-ah, activist private equity fund KCGI, and Bando E&C.

The recent success of the trilateral alliance's tender purchase of 1.2 million shares of new stock rights issued by Hanjin Kal adds weight to this observation.

If Chairman Cho does not respond to the issuance of new shares, the gap between Chairman Cho's friendly share ratio and the trilateral alliance will widen by more than 6 percentage points.

Some observers have observed that it is intended to pay the inheritance tax on property inherited from the death of the late Hanjin Group chairman Yang-ho Cho.

The amount of inheritance tax that the survivors of former Chairman Cho Yang-ho must pay is 270 billion won, and these families decided to pay the inheritance tax in installments for five years using the annuity payment system.

Regarding this, a Korean Air official said, "Because it is an individual stock mortgage loan, the reason or usage of the loan is unknown."

(Photo = Courtesy of Hanjin Group, Yonhap News)