Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Hyosung sibling feud continues despite late honorary chairman's will
Former Hyosung Vice President Cho Hyun-moon leaves the funeral altar for the late Hyosung Group Honorary Chairman Cho Suck-rai at Severance Hospital in Seoul in this March 30 file photo. Yonhap
By Park Jae-hyuk
The authenticity of the testament of the late Hyosung Group Honorary Chairman Cho Suck-rai, disclosed abruptly on Wednesday, was questioned a day later by his second-oldest son. The group's honorary chairman, who died in March, reportedly asked his sons to end their decade-long feud.
In a statement from his attorney, former Hyosung Vice President Cho Hyun-moon said that it is difficult for him to accept the testament at this moment, as it remains uncertain about how the document was written and disclosed.
“I need a significant amount of time to review the testament,” he said. “It is difficult for me to clarify my stance at this moment.”
He issued the statement a day after local news outlets reported on Wednesday that his father had written the testament last year with a major law firm’s lawyer.
The late honorary chairman is said to have wanted to give his second-oldest son a portion of his properties, including his shares in Hyosung Group affiliates, although the son disowned the father 10 years ago after losing to his older brother in a competition for the group’s control.
The size of the inheritance to the second-oldest son is reportedly bigger than the legal reserve of inheritance, which is equivalent to 11.1 percent of the deceased’s wealth in this case. Legal reserve of inheritance refers to a minimum portion of inheritance that bereaved family members can ask for, if they are excluded from a testator's will.
However, the size is still not enough for the second-oldest son to threaten the management rights held by his older brother, Hyosung Group Chairman Cho Hyun-joon, and his younger brother, Vice Chairman Cho Hyun-sang.
The late Cho held a 10.14 percent stake in Hyosung Corp., while each of his oldest and youngest sons owns over 21 percent stake in the group’s holding firm. His second-oldest son previously sold all of his shares in Hyosung affiliates.
Hyosung Group Chairman Cho Hyun-joon, front row right, and Vice Chairman Cho Hyun-sang, second row second from left, look at the late Hyosung Group Honorary Chairman Cho Suck-rai's coffin as it is being loaded onto a hearse at Severance Hospital in Seoul in this April 2 file photo. Newsis
Against this backdrop, the second-oldest son also criticized his two brothers for not retracting the accusation against him.
The deceased’s oldest son sued the second-oldest in 2017 for the allegation of attempted extortion, as the latter filed a lawsuit against the former and several other Hyosung executives in 2014 for their alleged embezzlement and malpractices. The prosecutors indicted the second-oldest son in 2022, accepting the oldest son’s claims. On Monday, the late Cho’s youngest son attended a court hearing as a witness to testify that the second-oldest son had committed crimes.
“Although the late father emphasized close relations between brothers, my two brothers are still making unreasonable allegations without retracting the accusation against me,” the second-oldest son said in the statement. “I cannot understand their decision to drive me out of our father’s funeral.”
He only paid a five-minute visit to the funeral altar of his father on March 30. He was also not on the list of the bereaved family members.