Financial watchdog investigates former Hanjin chairman’s share selloff

Financial watchdog investigates former Hanjin chairman’s share selloff

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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