[Asia Economy Reporter Kim Heung-soon] It has been confirmed that former executive director Park Cheol-wan, who initiated a management rights dispute against his uncle, Chairman Park Chan-gu, at Kumho Petrochemical, gifted approximately 93 billion KRW to his three older sisters.
According to the Financial Supervisory Service's electronic disclosure system on the 3rd, former executive Park gifted 152,400 shares of Kumho Petrochemical stock to each of his three older sisters: Park Eun-hyung, Park Eun-kyung, and Park Eun-hye. The trading price per share was 203,500 KRW, amounting to about 31 billion KRW per person.
After the gift, former executive Park Cheol-wan's shareholding decreased from 3,055,332 shares to 2,599,132 shares, and his stake dropped from 9.13% to 7.76%. Despite the stock gift, former executive Park remains the largest individual shareholder of Kumho Petrochemical. Currently, Park Chan-gu's eldest son, Vice President Park Jun-kyung of Kumho Petrochemical, holds a 6.52% stake, while Chairman Park Chan-gu holds 6.09%.
Earlier this year, former executive Park declared the termination of his special relationship with his uncle, Chairman Park Chan-gu, and initiated a management rights dispute. However, in the March regular shareholders' meeting vote, Chairman Park Chan-gu's side won. Subsequently, former executive Park was dismissed for 'breach of duty of loyalty to the company.'
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
