'Hyungjeui Nan' Hyosung's Second Son Cho Hyun-moon to Announce Direct Inheritance Position

Announcement on Current Issues Regarding Inherited Property, etc.

Former Hyosung Vice Chairman Cho Hyun-moon, the second son of the Hyosung family who severed ties with his family in the so-called 'brothers' conflict,' directly reveals his position on inheritance.

Former Hyosung Vice President Jo Hyun-moon [Image source=Yonhap News]

According to the business community on the 4th, Cho will hold a press conference on the 5th at COEX Mall in Seoul to clarify his stance on inheritance and other recent issues.

At the press conference, attended by his legal and media representatives, Cho is expected to explain the conditions necessary to agree to the will of his late father, the late Cho Seok-rae, Honorary Chairman of Hyosung Group.

Earlier, Honorary Chairman Cho, who passed away in March, left a will urging reconciliation among his three sons who had been embroiled in the 'brothers' conflict.'

Since July 2014, Cho Hyun-moon has accused his older brother, Hyosung Chairman Cho Hyun-joon, and key executives of embezzlement and breach of trust, filing lawsuits and complaints. Subsequently, in 2017, Chairman Cho counter-sued, accusing Cho Hyun-moon of blackmail.

In his will, drafted before his death in the presence of a lawyer, Honorary Chairman Cho emphasized that "the bond between parents and siblings is a heavenly duty," and urged, "No matter what happens, please preserve the brotherly affection."

It is reported that he decided to leave Cho Hyun-moon, who is estranged from the family, an inheritance exceeding the statutory minimum share of a legal heir.

However, in May, Cho Hyun-moon, through his legal representatives, stated that he was reviewing the will but pointed out that "there are unclear and hard-to-accept aspects regarding the acquisition, form, and content of the will."

He also claimed at the time, "Although my late father emphasized brotherly affection, my brothers have not withdrawn their complaints and continue to make unfair claims in criminal trials. Their actions of driving me out and preventing me from serving as the chief mourner at the recent funeral are completely unacceptable and contradictory."

Following the passing of Honorary Chairman Cho Seok-rae, the inheritance of shares to Chairman Cho Hyun-joon and the third son, Vice Chairman Cho Hyun-sang of HS Hyosung, has recently been settled, but the inheritance of shares to Cho Hyun-moon has yet to be completed.

With the inheritance settlement underway, Hyosung Group is reorganizing into a two-holding company system consisting of the existing holding company Hyosung Corporation and the newly established holding company HS Hyosung, accelerating independent management by brothers Cho Hyun-joon and Cho Hyun-sang.