Hanwha chairman returns to management

Hanwha Group Chairman Kim Seung-youn / Courtesy of Hanwha Group

By Park Jae-hyuk

Hanwha Group Chairman Kim Seung-youn decided to return to management after an absence of seven years, the group said Friday.

The chairman was suspended from duty until Feb. 19 this year, after the Seoul High Court sentenced him to three years in prison, suspended for five years, in 2014 for professional negligence over illegally funding an affiliate, resulting in losses totaling 300 billion won ($266 million).

He will resume his duties as the group chairman next month, working as an executive of Hanwha Corp., Hanwha Solutions and Hanwha Engineering & Construction.

In particular, he will help Hanwha Corp. expand its presence in the global market and develop technologies for the aerospace and defense industry sectors. For Hanwha Solutions, he will make efforts for it to bolster its environmental energy business worldwide. He will also enable Hanwha E&C to form partnerships with global builders.

However, he will not resume his role on the board of directors, focusing more on discovering Hanwha's future growth engines and supporting the group's global businesses using his personal network.

“The chairman made the decision, considering the independent management systems of our group's affiliates and their efforts to continue developing autonomous and responsible management systems,” a group official said.