Cho Hyun-moon, the second son of the Hyosung family who announced that he would donate his entire inherited estate to society, stated on the 15th that "Cho Hyun-joon, Chairman of Hyosung, and other co-heirs have given their final consent to the establishment of a public interest foundation yesterday."
In a notice distributed to the media on the same day, Cho said this and described it as "a significant turning point in opening the path to reconciliation within the family."
He added, "We have agreed to continue negotiations regarding the separation of affiliates, the essential share restructuring for this purpose, and the resolution and reconciliation of the sibling conflict based on the truth."
Cho held a press conference on the 5th of last month, stating, "I will donate the entire inherited estate left by my late father to society," and "I will not keep a single penny for myself but will establish a public interest foundation and contribute the estate to it."
At that time, he also requested cooperation from co-heirs Chairman Cho Hyun-joon and Vice Chairman Cho Hyun-sang of HS Hyosung regarding this matter.
If, as mentioned by Cho on this day, Chairman Cho and other co-heirs agree to the foundation's establishment, inheritance tax reductions are also expected. When inherited property is contributed to a public interest corporation and co-heirs agree and cooperate, inheritance tax can be reduced.
In his statement on the day, Cho expressed, "I deeply thank all the co-heirs who cooperated in establishing the public interest foundation," and said, "I am confident that being able to donate my entire inherited estate through the establishment of a public interest foundation will be regarded as a model precedent that marks a milestone in the history of inheritance among large corporations in the Republic of Korea."
He continued, "Having set the important first button well, I expect that reasonable and amicable dialogue and negotiations among the co-heirs will continue, leading to good results."
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