Hanjin chairman has upper hand over sister
Hanjin Group Chairman Cho Won-tae, left, and his elder sister Hyun-ah, a former vice president at Korean Air / Courtesy of Hanjin GroupBy Jun Ji-hyeHanjin Group Chairman Cho Won-tae has gained an advantageous position over a three-party alliance led by his elder sister and group heiress Cho Hyun-ah in a fight for control of the logistics-centered conglomerate, as a Seoul court ruled against the alliance, Tuesday, reducing its shares eligible for voting rights, industry officials said Wednesday. The court ruling came ahead of a general meeting of Hanjin KAL's shareholders scheduled for Friday, during which time a vote will take place to decide Cho Won-tae's reappointment as chairman of the group.Cho Hyun-ah, a former vice president at Korean Air who is backed by local activist fund Korea Corporate Governance Improvement (KCGI) and mid-sized builder Bando Engineering & Construction, has called for the need to replace the current leadership to improve the group's financial status and its shareholder value.The Seoul Central District Court ruled against Bando Engineering &a
