Late Jo Seok-rae's second son Jo Hyun-moon: "Will is unclear and hard to accept"

"The Brothers' Actions Are Inconsistent"

Amid the public release of the will left by the late Cho Seok-rae, Honorary Chairman of the Hyosung Group, his second son, former Vice President Cho Hyun-moon, stated on the 16th that "there are unclear and hard-to-accept aspects regarding the acquisition, format, and content" of the will.

On the same day, Cho Hyun-moon issued a statement through his legal representative, saying, "We have recently obtained the will and are currently conducting the necessary legal review and verification," adding, "Since significant verification and review are required, it is difficult to express any position at this time."

He continued, "Although our late father emphasized brotherly love among siblings, the brothers have not withdrawn their complaints and are making unjust claims in the criminal trial. Moreover, the brothers’ actions of driving me away and preventing me from serving as the chief mourner at the recent funeral are completely unacceptable and contradictory."

On March 30, Cho Hyun-moon, former Vice President of Hyosung and the second son of the late Cho Seok-rae, Honorary Chairman of Hyosung Group, entered the funeral hall at Yonsei University Severance Hospital in Sinchon, Seodaemun-gu, Seoul, where his father's wake was being held.
[Photo by Joint Press Corps]

The late Honorary Chairman Cho Seok-rae, who passed away on March 29, is reported to have left a will instructing that his estranged second son, former Vice President Cho Hyun-moon, inherit his assets.

In the will, Cho emphasized that "the bond between parents and siblings is a heavenly duty (天倫)," stating, "An older brother is an older brother, and a younger brother is a younger brother. No matter what happens, please maintain brotherly love."

The will reportedly includes provisions to leave Cho Hyun-moon assets exceeding his statutory reserved portion, including shares in affiliated companies. The reserved portion is the minimum inheritance ratio guaranteed by civil law regardless of the deceased’s will. A son can claim 50% of the statutory inheritance as the reserved portion. Cho’s shares in Hyosung Group affiliates are 10.14% in Hyosung Co., Ltd., 10.55% in Hyosung Heavy Industries, 10.32% in Hyosung Advanced Materials, and 9.09% in Hyosung TNC.

It is reported that before his passing, Cho drafted the will last year in the presence of a lawyer from a major law firm. After drafting, the will underwent legal review and was notarized, fulfilling the legal requirements for the will to be effective.

Former Vice President Cho Hyun-moon left Hyosung Group in February 2013 and in July 2014, filed charges of embezzlement and breach of trust against his elder brother, Chairman Cho Hyun-joon, sparking a 'brotherly feud.' He was also excluded from the list of the late Cho’s bereaved family. On March 30, Cho Hyun-moon visited the late Chairman Cho’s funeral home, paid respects for five minutes, and then left.