Cho Hyun-moon, the second son of the Hyosung family and former Vice Chairman of Hyosung, inherited shares worth 85.9 billion KRW in affiliates from his late father, former Honorary Chairman Cho Seok-rae.
Hyosung TNC, Hyosung Chemical, and Hyosung Heavy Industries each announced on the 30th that the shares of the late Honorary Chairman Cho were transferred to former Vice Chairman Cho according to his will.
Former Hyosung Vice President Jo Hyun-moon is speaking at a press conference on inheritance held at SparkPlus in Gangnam-gu, Seoul, on the 5th of last month. [Image source=Yonhap News]
The inherited shares of former Vice Chairman Cho are ▲145,719 shares (3.37%) of Hyosung TNC ▲47,851 shares (1.26%) of Hyosung Chemical ▲139,868 shares (1.5%) of Hyosung Heavy Industries. Based on the closing price on that day, the total value is approximately 85.9 billion KRW.
The late Honorary Chairman Cho, who passed away in March, left a will stating that he would leave an inheritance exceeding the minimum statutory portion (reserved portion) even to former Vice Chairman Cho, who had been estranged from the family due to the "brothers' conflict."
Subsequently, former Vice Chairman Cho expressed his intention to donate 100% of the inherited shares to a public interest foundation, and considering the legal conditions that allow exemption from inheritance tax if co-heirs agree, he sought the consent of his brothers. With the agreement of his elder brother Chairman Cho Hyun-joon and younger brother Vice Chairman Cho Hyun-sang, the inheritance process was completed.
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