[Reporter’s Notebook] The Meaning of the Will Left by Father

When the will of the late Jo Seok-rae, Honorary Chairman of Hyosung, was made public, many in the business community nodded in agreement. It was the image of a father who wished for harmony among his remaining family members as he faced his final moments. After all, the 'great star of the business world' who built the Hyosung Group over half a century was, in the end, just an ordinary father.

[Image source=Yonhap News]

Chairman Jo urged, "No matter what happens, please always maintain brotherly love." In particular, he left a will instructing that his second son, former Hyosung Vice Chairman Jo Hyun-moon, bequeath assets exceeding the statutory reserved portion (50% of direct descendants' inheritance), including shares in major affiliates. This is interpreted as a wish to prevent the brothers from facing each other again in court over inheritance disputes.

Even after Chairman Jo's passing, the discord among the Hyosung brothers shows little sign of resolution. Former Vice Chairman Jo expressed in a brief statement regarding the will that "there are parts difficult to accept," hinting at legal review, which clearly reveals the depth of the ongoing conflict.

It is hard to see the son's emotional rebuttal just one day after the father's will emphasizing harmony as his final duty. Observers of the Hyosung family cannot hide their bitterness. It can only be interpreted as former Vice Chairman Jo pressuring to not only divide the inheritance but also to withdraw ongoing lawsuits.

However, the charge of attempted coercion against former Vice Chairman Jo will not lead to dismissal of prosecution even if his brothers withdraw their complaints. Having graduated from Harvard Law School and practiced as a lawyer in the United States, he likely knew this well. Could it be that his intention was to gain a favorable outcome in his own trial?

Ten years ago, in 2014, former Vice Chairman Jo sparked a 'brotherly feud' by suing his older brother, Hyosung Group Chairman Jo Hyun-joon, and key executives on charges of embezzlement and breach of trust. As a result, their father and older brother received prison sentences, leaving a family tragedy behind.

Recently, Jo Hyun-sang, the younger brother and Hyosung Vice Chairman who appeared as a witness in the trial, revealed his complex feelings, saying, "While the brothers' mistakes must be corrected, the way the eldest brother handled the issue was not right." Reflecting on their father's will after ten years, can former Vice Chairman Jo still confidently say he was right?