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Korea Herald
a day ago
- Business
- Korea Herald
HS Hyosung vice chairman to be quizzed in probe into ex-first lady
An heir to a major South Korean business enterprise, Hyosung Group, will appear for questioning next week by the special counsel over corruption allegations surrounding former first lady Kim Keon Hee, officials said. Cho Hyun-sang, vice chairman of HS Hyosung, has agreed to undergo questioning next Monday, officials with special counsel Min Joong-ki's team said. Cho is being called in as a person of interest, not a suspect. Min's team is investigating allegations that a man surnamed Kim, who has served as a "butler" for the former first lady's family, received 18 billion won ($13 million) in questionable investments in 2023 for his rental car company, IMS, from several firms, including Kakao Mobility Corp. The special counsel suspects that these companies made the investments due to the butler Kim's close ties to the former first lady. They are also looking into whether the funds were funneled to the former first lady as slush funds. Cho is one of several business figures the special counsel team plans to summon. The date for Cho's attendance was set in consideration of his business trip to Vietnam, running through the end of this week. Although they will be brought in as persons of interest, their status could change to that of suspects as the investigation progresses. The list also includes Kakao founder Kim Beom-su. Regarding media reports that Kim cited health reasons for declining to appear for questioning scheduled for Thursday, the special counsel said they have not received any such notice from him. (Yonhap)
Korea Herald
30-03-2025
- Business
- Korea Herald
Hyosung marks first anniversary of late honorary chair
Hyosung Group announced Sunday that it held a memorial ceremony to commemorate the first anniversary of the passing of Honorary Chair Cho Suck-rai, remembering the man whose spirit of challenge remains central to the group's identity. The 40-minute ceremony took place Saturday at Hyosung's headquarters in Seoul, with family members and company executives in attendance. During the memorial, current Chair Cho Hyun-joon paid tribute to his father's enduring legacy and unyielding drive. 'My father always reminded me that crises can strike at any time and that a company must be able to turn them into opportunities,' Cho said. 'We live in a time of growing uncertainty both at home and abroad,' he continued. 'I will carry on his legacy and ensure that Hyosung becomes a future-ready company — one that transforms crisis into opportunity and quickly adapts to global changes." He also pledged to work closely with HS Hyosung Vice Chair Cho Hyun-sang to 'do our utmost to contribute to the Korea-US-Japan economic and security alliance.' Born in 1935 as the eldest son of Hyosung founder Cho Hong-jai, the late honorary chair passed away on March 29 last year at the age of 89. He led Hyosung for over half a century before stepping down in 2017 due to age and health issues. Beginning in 1970 with his leadership at Tongyang Nylon — later rebranded Hyosung T&C — Cho went on to lead Hyosung's expansion across key sectors including textiles, heavy industries and chemical materials. Appointed as the group's second chairman in 1982, he steered Hyosung's push into global markets. Beyond Hyosung, he also played a significant role in Korea's business diplomacy. He served as chair of the Federation of Korean Industries from 2007 to 2011, led the Korea-US Economic Council from 2000 to 2009 and headed the Korea-Japan Economic Association from 2005 to 2014.
