Late Cho Seok-rae, Hyosung Chairman, Urged 'Brotherly Love Among Three Sons' in Will

Expressing Inheritance Intentions to Estranged Second Son

On April 2nd, employees of Hyosung attended the funeral ceremony of the late Honorary Chairman Jo Seok-rae at the Hyosung Group headquarters in Mapo-gu, Seoul. [Image source=Yonhap News]

The late Cho Seok-rae, Honorary Chairman of the Hyosung Group, left a will urging his three sons, who had been in conflict due to the 'brothers' feud,' to reconcile.

According to the business community on the 15th, Cho, who passed away last March, wrote the will last year before his death in the presence of lawyers from a major law firm. In the will, Cho is known to have urged his three sons to maintain brotherly love and family harmony.

In particular, it is reported that he decided to leave some of his assets, including shares in key affiliates, to his estranged second son, former Hyosung Vice President Cho Hyun-moon. Since July 2014, Cho Hyun-moon had triggered the 'brothers' feud' by filing lawsuits and accusations against his older brother, Hyosung Chairman Cho Hyun-joon, and key executives, alleging embezzlement and breach of trust. In response, Chairman Cho filed a countersuit in 2017, claiming that Cho Hyun-moon had threatened him.

Estranged from the family, Cho Hyun-moon was not listed among the bereaved family members at the time of the honorary chairman's passing. After being sidelined early in the succession of management rights, he sold all his company shares and severed ties with the group.