[Infostock Daily= Reporter Park Sang-In] Cho Yang-rae, chairman of Korea Technology Group, sold his entire stake to his second son, Cho Hyun-bum, president of Korea Technology Group.
According to the tire industry on the 29th, Chairman Cho reportedly sold his entire stake in the Korea Technology Group (23.59%) in the form of block deal (out-of-hours mass trading) to President Cho Hyun-bum on the 26th. As a result, Cho Hyun-bum added a stake in Cho to 19.31%, which is the largest shareholder of Korea Technology Group with 42.9%.
The Korea Technology Group has repeatedly said it is checking internally without making a denial.
Cho Hyun-bum, the former president, has been in charge of group management with his brother Cho Hyun-sik, who had little difference with 19.32% and 19.31%.
Recently, Cho resigned as CEO of Hankook Tire & Technology ahead of the appeal trial, and it was observed that Cho Hyun-sik, vice chairman, was weighing.
Cho, the son-in-law of former President Lee Myung-bak, inherited his stake from his father, Cho. It is not clear how to manage in the future.
Cho Hee-won, the eldest daughter of Cho, is known to support his eldest son, Cho Hyun-sik, who owns a 10.82% stake in the group.
If Cho Hyun-sik, vice chairman of the company, disputes management rights with Cho Hee-won, the national pension, which holds a 7.74% stake, is likely to become a casting vote.
Reporter Park Sang-In firstname.lastname@example.org