Hanwha launches 'emergency committee'
Kim Youn-bae
By Kim Tae-jong
Hanwha Group said Wednesday that it has launched an “emergency management committee” to cope with the long absence of its chairman Kim Seung-youn, who is serving a jail sentence for embezzlement.
“The committee will play an important role as a top decision-making body in the group, dealing with such matters as large-scale investments, new business projects and personnel affairs involving executives on behalf of the chairman, until he returns,” the group said in a statement.
The move comes as a desperate effort to minimize the fallout from a management vacuum, which is expected to last longer than the group initially thought.
The Seoul High Court recently upheld a guilty verdict against Kim on charges of embezzlement and breach of trust, although it reduced his prison term to three years, one year less than the original sentence. The group last week lodged an appeal with the Supreme Court.
The committee, which will be chaired by Hanwha Investment & Securities Vice-chairman Kim Yun-bae, consists of senior officials from the group’s affiliates.
It covers three sectors _ finance, manufacturing and service, which are led by Kim Yun-bae, Hanwha Chemical Vice-chairman Hong Ki-joon and Hanwha Hotel & Resort President Hong Won-gi, respectively. The group’s strategy chief Choi Kum-am was chosen to oversee the general work of the committee, along with the three other members.
“The committee will come up with solutions to urgent issues in each of the three sectors through cooperation with the CEOs from affiliates,” the group said.