[THE INVESTOR] The Cho family of Hanjin Group received about 1.1 billion won ($954,000) in dividends from Hanjin Kal although the company posted 205.2 billion won net loss in 2015.
Hanjin Kal is the holdings company of Hanjin Group that counts Korean Air among its subsidiaries. The company posted a large deficit for 2015, but paying out total of 4.01 billion won in dividends was approved at the general shareholders meeting in March.
Hanjin Group chairman Cho Yang-ho and his three children, including former Korean Air vice president Cho Hyun-ah, hold 25.06 percent of Hanjin Kal.
 |
Hanjin Group chairman Cho Yang-ho |
As such, Cho Yang-ho drew about 700 million won, while Cho Hyun-ah and her siblings each received about 98 million won.
Cho Hyun-ah, also known as Heather Cho, stepped down from all management roles within Hanjin Group following the “nut rage” incident in 2014. At the time, the younger Cho ordered a Korean Air plane to return to the gate at New York’s John F. Kennedy International Airport after she took issue with the way snacks were served.
The issue of the family’s dividends has been met with criticism from Korean Air’s pilots’ union, which claimed that the Chos are concerned more about personal wealth than Hanjin companies.
The company, however, defended the decision saying that the deficit was only in terms of consolidated figures.
By Choi He-suk (
cheesuk@heraldcorp.com)
