Hanjin Shipping gets $44.6M from former, current chiefs
AP PHOTO/AHN YOUNG-JOON
Workers from port-related organizations in Busan city scuffle with police officers during a rally to plead with the government and creditors of Hanjin Shipping Co. to map out measures to save the troubled shipper in front of the Hajin group Chairman Cho Yang-ho’s office in Seoul, South Korea, Wednesday, Sept. 7, 2016. Hanjin Group said Tuesday it will inject $90 million, including $36 million from its chairman Cho’s personal assets, to help resolve disruptions to container cargo transport caused by Hanjin Shipping’s financial troubles.
SEOUL, South Korea » South Korea’s Hanjin Shipping says it has received $44.6 million from its current and former chiefs to relieve its global cargo crisis.
The chairman of Hanjin Shipping, Cho Yang-ho, sent 40 billion won ($35.7 million) from his personal assets on Tuesday, said Hanjin Shipping spokeswoman Min Park. She said former Hanjin Shipping chair Choi Eun-young contributed 10 billion won ($8.9 million).
The cash-strapped container shipper will use the money to pay for unloading billions of dollars’ worth of cargo stranded offshore on its ships. The company, South Korea’s top ocean shipper, filed for bankruptcy protection on Aug. 31.
Park would not say how much money Hanjin needs to resolve the entire cargo crisis, citing business confidentiality.
Hanjin Shipping is still awaiting 60 billion won ($53 million) pledged earlier by its parent company, Hanjin Group.
The company said 93 of its vessels were stranded offshore as of Sept. 11, including 79 container ships. Four ships have been seized by creditors, under court orders.
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6 responses to “Hanjin Shipping gets $44.6M from former, current chiefs”
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Should be under the Business section. All the other papers have the Hillary medical question on their focus.
This has the makings of a great Korean Drama.
Remember the Korean Air “Macadamia Nut Rage” incident about 2 years ago? That was Mr. Cho’s daughter.
In the pursuit of being the premier shipping company on the world stage, its fast growth caused its hiccup? South Korea’s industrialists are very competitive and all want to be No. 1 globally. Samsung’s CEO back in the mid 70’s vowed to be the premier electronic company in the world, Today, they have achieved their goal ousting Yamashita, GE, Sony and others. Name it, Samsung’s influence is involved in most of the popular products on the world market.
Can you imagine any American CEO’s doing the same thing to save the company ?
Hanjin Shipping was the seventh largest shipping line in the world. They transported about 8% of all trans-Pacific cargo.