November 22, 2024

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Cho Hyun-moon (right), former vice president of Hyosung Corp., makes a bow to reporters during a press conference in Seoul on Friday. (Yonhap)

Cho Hyun-moon, former vice president of Korea's industrial chaebol Hyosung and the estranged second son of the late founder Cho Suck-rai, announced on Friday his decision to donate his entire inheritance to charity in hopes of ending the feud with his brothers.

"I’ve set up a public trust and will donate every penny of the inheritance left to me by the late honorary chairman. I hope my brothers will support this initiative," Cho stated at a press conference in Gangnam, Seoul.

He introduced the "Danbit Foundation," which means "light of the morning sun," and mentioned that while the specific focus areas are still under consideration, helping the underprivileged will be a primary goal.

The late founder and honorary chairman Cho Suck-rai, who passed away in March, urged his three sons to reconcile in his will. Since July 2014, Hyun-moon has been suing his older brother, Hyosung Chairman Cho Hyun-joon, accusing him of embezzlement and breach of trust, while the chairman in turn accused him of making threats in 2017. Despite estranging himself from his siblings over the dispute, Hyun-moon was left with a significant inheritance by his father this year.

Cho Hyun-moon, former vice president of Hyosung, addresses the press in Seoul on Friday. (Yonhap)

During the press conference, Hyun-moon expressed his desire to end this conflict with his brothers. "I want to resolve the disputes with my brothers and work toward reconciliation, inspired by my father’s wishes. I’m ready to forgive the wrongs done to me," he said.

He also stressed his intention to sever ties with Hyosung completely, saying, "My main goal is to gain complete independence from Hyosung. I hope my brothers and the company will assist in affiliate separation to facilitate this."

Kim Jae-ho, a lawyer from Barun Law Firm, clarified the second son's request for “affiliate separation,” explaining, "Cho Hyun-moon isn't asking to split the company for his benefit. He wants his shares disposed of according to the Fair Trade Act." The lawyer added that this process requires cooperation from the brothers due to the nature of unlisted corporations in which Cho holds stakes.

Reaffirming his lack of interest in managing Hyosung, Cho stated, "I’m not interested in running Hyosung. I never was. I want my concerns about illegal activities at Hyosung to be seen separately from any notions of a management dispute."

However, Cho voiced confusion over aspects of his father’s will. "There are parts of the will, like how it was obtained and its contents, that are still unacceptable for me," he said.

"I’ve sought clarification through my lawyer multiple times, but the executor’s responses have been unsatisfactory, making it hard for me to fully accept the will as it stands," he added.

Cho concluded by addressing recent media reports, saying, "It’s been reported that the execution of the will is complete, but that is simply not true."

By Moon Joon-hyun (mjh@heraldcorp.com)