The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Homeless women struggle to find place to spend night

  • 3

    Heavy snow hits Seoul, surrounding areas

  • 5

    People attempt to cut surging heating costs with creative solutions

  • 7

    Shunsuke Michieda overwhelmed by Korean fans' support for his coming-of-age film

  • 9

    Life prisoner sentenced to death for beating inmate to death

  • 11

    Kim Hyun-joo says humanity is at heart of action film 'Jung_E'

  • 13

    Korea's childbirths hit record low in Nov.

  • 15

    Korea's GDP shrinks 0.4% in Q4, 1st contraction in 10 quarters

  • 17

    S. Korea to increase joint air defense exercises following N. Korean drone incursions

  • 19

    VIDEODo Koreans know K-pop idols well?

  • 2

    Koreans stunned by spike in heating costs

  • 4

    More than dozen chaebol scions indicted on alleged drug use

  • 6

    Netflix series 'The Glory' draws focus to real school bullying

  • 8

    Inflation weighs on households

  • 10

    'I was a stock investment addict': psychiatrist seeks to help addicted people through his book

  • 12

    INTERVIEWPartnerships with Korean companies help Delta Air Lines' post-pandemic recovery

  • 14

    PHOTOSAnother day of heavy snowfall in Korea

  • 16

    Gov't to double subsidies for vulnerable households as energy bills soar

  • 18

    Renaissance aesthetics meets surreal fantasy in Park Min-joon's oil paintings

  • 20

    Gov't seeks to limit where child sex offenders can reside

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Sat, January 28, 2023 | 02:03
Business
Hyosung Group chairman recommended for dismissal
효성 차남, 형·동생 지분보유 회사 형사고발
Posted : 2014-07-09 17:19
Updated : 2014-07-09 22:49
Park Si-soo
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
By Park Si-soo

Cho Suck-rai
Cho Suck-rai
The Securities and Futures Commission said Wednesday that it had recommended the dismissal of Hyosung Corp. Chairman Cho Suck-rai and Vice Chairman Lee Sang-woon due to fraudulent accounting.

In addition, the maker of textiles and heavy machinery was ordered to pay a fine of 2 billion won ($1.9 million).

According to the commission, Hyosung is suspected of inflating its assets after failing to offload distressed affiliates in a series of acquisitions in 1998.

The conglomerate has reported inventory and tangible assets as 1.35 trillion won since 2005.


The chairman's second son Hyun-moon, recently asked the Seoul Prosecutors' Office to investigate his two brothers, who have a controlling stake in the group's two affiliates, for alleged embezzlement and breach of trust.

Prosecutors said that they will soon determine whether to issue subpoenas to question key figures, including the two brothers.

The two brothers embroiled in the scandal are Cho Hyun-joon, the chairman's first son and incumbent president of Hyosung, and Cho Hyun-sang, the third son and incumbent vice president of the group.

The second son claimed that "careless management" of his two brothers led to financial losses worth 10 billion won from the two affiliates.

He went on to say that the two firms had committed a variety of illegal activities, including embezzlement and breach of trust, to maximize their interests.

Hyosung denied the two executives had been involved in any wrongdoing. "Everything has been done legally. We will clarify all suspicions against them in the upcoming questioning," said a Hyosung spokesman.

The move is widely regarded as retaliation by the second son intended to stigmatize his two brothers as criminals in order to remove them from a three-way race for the company's throne.

The second son unloaded his entire stake in Hyosung in January, reflecting his deepening discord with family members over a power transition.

The group's incumbent chairman and father of the three turned 79 with his health condition said to be deteriorating continuously. Worse, he's currently on trial on suspicion of accounts fraud and tax evasion.

The scandal comes just a week after the first son became Hyosung's biggest shareholder with 10.33 percent by taking in 3,500 shares on July 1, making his father the second biggest shareholder with 10.32 percent and widening the gap in share ownership with the third son at 10.05 percent.


효성 차남, 형·동생 지분보유 회사 형사고발

'100억대 횡령·배임', 효성측 '정상적 투자활동…불순한 의도'

8천억원 규모의 탈세·배임·횡령 혐의로 조석래(79) 효성그룹 회장이 재판에 넘겨진 가운데 조 회장의 차남이 형과 동생을 겨낭해 고발에 나서 검찰이 수사에 착수했다.

9일 검찰 및 효성그룹 등에 따르면 조 회장의 차남 조현문(45) 전 ㈜효성 부사장은 그룹 계열사인 트리니티에셋매니지먼트와 ㈜신동진의 최모 대표를 특정경제범죄가중처벌법상 횡령 및 배임 혐의로 최근 서울중앙지검에 고발했다.

트리니티에셋매니지먼트와 신동진은 효성그룹의 부동산 관리를 담당하는 계열사다. 각각 조 회장의 장남 조현준(46) 사장과 조현상(43) 부사장이 최대주주에 올라있다. 사실상 형과 동생을 상대로 형사고발에 나선 셈이다.

조 전 부사장은 고발장에서 트리니티에셋매니지먼트가 조 사장이 대주주로 있는 갤럭시아일렉트로닉스에 자금을 대여하고 신주를 인수하는 과정에서 회사에 100억원대의 손실을, 신동진 역시 부실 계열사 인수 등의 과정에서 회사에 수십억원대의 손실을 입혔다고 주장한 것으로 알려졌다.

서울중앙지검은 이 고발사건을 조사부(장기석 부장검사)에 배당했으나 아직 고발인 및 피고발인 조사는 하지 않은 것으로 전해졌다.

조 전 부사장은 지난해에도 트리니티에셋매니지먼트와 신동진의 횡령 및 배임 의혹을 제기하면서 '회계장부를 열람하게 해달라'고 법원에 가처분 신청을 낸 바 있다.

효성그룹은 이날 배포한 입장자료에서 '(트리니티에셋매니지먼트와 신동진의 투자는) 적법한 경영판단에 따라 이루어진 정상적인 투자활동으로 향후 검찰 (수사) 과정에서 적법하다는 것이 소명될 것으로 믿는다'고 밝혔다.

그룹측은 '이사로 경영에 전반적으로 참여했던 사람이 자세한 내용을 알고 있으면서도 퇴직한 뒤 몸담고 있던 회사를 상대로 소송을 계속하는 것은 불순한 의도로 보인다'고 덧붙였다.

미국 변호사로 형·동생과 후계자 경쟁을 벌이다 회사를 등진 조 전 부사장은 올해 1월 자신과 아들 명의의 회사 주식을 전부 매도하면서 효성과의 지분관계를 완전히 정리했다. (연합뉴스)
Emailpss@koreatimes.co.kr Article ListMore articles by this reporter
 
wooribank
Top 10 Stories
1People attempt to cut surging heating costs with creative solutions People attempt to cut surging heating costs with creative solutions
2SK E&S retains gov't support for Barossa gas project in Australia SK E&S retains gov't support for Barossa gas project in Australia
3Cabinet ministries turn deaf ear to watchdog's advice on sexual minorities Cabinet ministries turn deaf ear to watchdog's advice on sexual minorities
4More Korean manufacturers enjoy Georgia's hospitality More Korean manufacturers enjoy Georgia's hospitality
5Seoul to work with Hanoi to pursue peace on Korean peninsula Seoul to work with Hanoi to pursue peace on Korean peninsula
6Superintendent of Seoul Education Office gets suspended jail term Superintendent of Seoul Education Office gets suspended jail term
7KT&G aims to become global top-tier company KT&G aims to become global top-tier company
8Indonesia celebrates 50th anniversary of diplomatic ties with Korea via virtual event Indonesia celebrates 50th anniversary of diplomatic ties with Korea via virtual event
9LGES to capitalize on US IRA, Tesla partnership to continue record earnings LGES to capitalize on US IRA, Tesla partnership to continue record earnings
10Middle East 'sales diplomacy' picks up speed Middle East 'sales diplomacy' picks up speed
Top 5 Entertainment News
1Shunsuke Michieda overwhelmed by Korean fans' support for his coming-of-age film Shunsuke Michieda overwhelmed by Korean fans' support for his coming-of-age film
2Kim Hyun-joo says humanity is at heart of action film 'Jung_E' Kim Hyun-joo says humanity is at heart of action film 'Jung_E'
3Renaissance aesthetics meets surreal fantasy in Park Min-joon's oil paintings Renaissance aesthetics meets surreal fantasy in Park Min-joon's oil paintings
4Jang Keun-suk steps out of his comfort zone with 'The Bait' Jang Keun-suk steps out of his comfort zone with 'The Bait'
5TXT brings together 'pansori' and fairy tale in new song 'Sugar Rush Ride' TXT brings together 'pansori' and fairy tale in new song 'Sugar Rush Ride'
DARKROOM
  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

  • World Cup 2022 France vs Morocco

    World Cup 2022 France vs Morocco

wooribank
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group