South Korea’s Financial Supervisory Service is looking into speculation that Choi Eun-yeong, Hanjin Shipping’s chairman until 2014, profited from the line’s restructuring announcement last Friday.
The financial watchdog is investigating whether Choi received a tip off from Hanjin employees ahead of the announcement. She and her two daughters sold all of their shares in the company between April 8 and April 20 for $2.6m.
Hanjin Shipping’s board of directors on Friday sought a debt settlement agreement with creditors, handing the firm’s management to Korea Development Bank and other creditors.
Choi inherited control of Hanjin Shipping from her husband and former chairman Cho Soo-ho, whose older brother is Cho Yang-ho, the current chairman of Hanjin Group. Hanjin Group took control of the line two years ago from Choi.