Regarding the court's judgment that there are no health issues with Cho Yang-rae, Honorary Chairman of Hankook & Company Group, it appears that the management rights dispute between the children, excluding Chairman Cho Hyun-beom, and Honorary Chairman Cho has effectively come to an end.
According to industry sources on the 12th, Hankook & Company reportedly holds the position that Cho Hee-kyung, Chairwoman of the Hankook Tire Sharing Foundation, would be willing to accept if she acknowledges past mistakes rather than continuing litigation. It is also known that Honorary Chairman Cho never intended to entrust management rights to his eldest daughter, who had never been involved in the company's management from the beginning.
However, after Honorary Chairman Cho sold shares to Chairman Cho Hyun-beom, litigation arose, and an uncomfortable relationship has been maintained until now, but the possibility of reconciliation remains open. Around the end of last year, Chairman Cho Hyun-beom expressed his intention to make efforts to reconcile with his brothers after the management rights dispute with his older brother Cho Hyun-sik, Honorary Advisor of Hankook & Company, and the private equity firm MBK Partners was settled.
Cho Yang-rae, Honorary Chairman of Korea & Company, paid his respects at the funeral hall of the late Cho Seok-rae, Honorary Chairman of the Hyosung Group, set up at Yonsei University Severance Hospital in Sinchon, Seodaemun-gu, Seoul, on the 31st of last month. [Photo by Yonhap News]
In this regard, Hankook & Company reportedly stated, "One must uphold human ethics and filial duties," and added, "The chairwoman's criticism that 'one must correct the exploitation of an unhealthy father for selfish gain' is actually a phrase of reflection that should be directed at herself." They continued, "When the prodigal son reflected on his foolishness and returned to his hometown dressed as a beggar, the one who welcomed him most warmly was his father," emphasizing, "If Chairwoman Cho acknowledges her past mistakes and shows tears of atonement, Honorary Chairman Cho will also embrace his daughter's faults with a broad and warm heart filled with love."
Earlier, the Family Court Division 1 of the Seoul Family Court (Judge Jo Yong-ho) dismissed the appeal against the limited guardianship commencement petition filed by Chairwoman Cho on the 11th, reportedly referencing the mental health evaluation results of Honorary Chairman Cho. In the first trial in 2022, which was also dismissed, the hospital designated as the mental health evaluation agency could not proceed with the evaluation. With the dismissal decisions in both the first trial and this appeal, the legal judgment that Honorary Chairman Cho has no physical or mental abnormalities has become clear.
The appellate court sent a mental health evaluation request to Seoul Boramae Hospital in May last year, and the hospital submitted the evaluation results to the court in November last year. The company viewed the second dismissal as a natural outcome, given Honorary Chairman Cho's good health. Recently, Honorary Chairman Cho visited the funeral hall of the late Cho Seok-rae, Honorary Chairman of Hyosung Group, daily to receive mourners.
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