Seoul Metropolitan Police Agency Conducts Raid on Hanjin Group Holding Company Hanjin KAL

Police have conducted a search and seizure operation targeting Hanjin KAL, the holding company of Hanjin Group, which includes Korean Air among its affiliates.

The Financial Crime Investigation Unit 3 of the Seoul Metropolitan Police Agency's Metropolitan Investigation Group announced today (September 7) that it recently executed a search and seizure warrant at Hanjin KAL and related locations on charges including breach of trust under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes.

This raid comes one year after the civic group Citizens' Coalition for Democratic Society (CCDS) filed a complaint in May of last year against Hanjin Group Chairman Cho Won-tae and Hanjin KAL CEO Ryu Kyung-po for alleged violations of the Capital Markets Act.

At the time, the civic group argued that Hanjin KAL "donated 440,044 shares of treasury stock to the in-house employee welfare fund to defend management control," claiming that "no necessity other than defending control rights can be recognized for this unfair donation."

When Hoban Group, the second-largest shareholder of Hanjin KAL at the time, increased its stake in Hanjin KAL from 17.44% to 18.46%, Hanjin KAL disclosed just a few days later that it would contribute 0.66% of its treasury shares to its in-house welfare fund.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.