On the 21st, the three siblings?Jo Hee-kyung, eldest daughter of the Hankook & Company Group and Chairperson of the Hankook Tire Sharing Foundation; Jo Hee-won, second daughter; and Jo Hyun-sik, eldest son and advisor of Hankook & Company?issued an appeal to general shareholders, requesting their participation in the tender offer.
Below is the full statement (appeal) from Jo Hee-kyung, Jo Hee-won, and Jo Hyun-sik
We earnestly appeal to the general shareholders of Hankook & Company.
The corporate governance of Hankook & Company is in a crisis.
Being released on bail and undergoing trial does not eliminate the judicial risks faced by the major shareholder, Jo Hyun-beom. His judicial risks are a core factor damaging Hankook & Company’s corporate value and shareholder value, and these risks are becoming more concrete and real.
Jo Hyun-beom has exploited his unhealthy father to serve his own selfish interests. He has demonstrated a lack of morality unfit for a major shareholder and group representative. We believe that repeating wrongful acts must be duly punished.
Some have misled the public by claiming that the three of us siblings are competing with Jo Hyun-beom for management rights, but this is not true. We will neither directly engage in nor interfere with the management of Hankook & Company. We support and back MBK Partners, who aim to restore proper corporate governance and establish a professional management system to improve Hankook & Company’s corporate and shareholder value.
As the founder’s family and fellow shareholders, we earnestly request general shareholders to participate in the tender offer. Participation in the tender offer is the only way to restore the fallen corporate governance of Hankook & Company and enable it to become a global mobility innovation company.
We ask for the participation of all general shareholders in the tender offer.
Sincerely,
Jo Hee-kyung, Jo Hee-won, Jo Hyun-sik
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
