Late Korean Air Chief's severance pay of 40 billion KRW to pass onto family
Alexander Vale, May 21, 2019, 9:25 a.m.
Hanjin Group chairman Cho Yang-ho, who was ousted from the board of flagship subsidiary Korean Air days before his sudden death last month, was entitled to a severance payment of around W40 billion that will now go to his scandal-ridden family (US$1=W1,195).
A staffer at Hanjin said the payment was "given to the heir in late April." The heir is Lee Myung-hee, Cho's widow.
"A maximum W80 billion in consolation payment could also have been awarded in addition to the severance pay, but the family refused it," the staffer added. "As a result, we did not even convene a board meeting to decide on the amount."
Cho worked for Korean Air for around 40 years, which is why the severance pay is so high. At the time of his ouster he was embroiled in yet another tax evasion and embezzlement case, and institutional and ordinary shareholders mounted the first coup that succeeded in kicking the de-facto owner of a major Korean conglomerate out of his office.
His widow and daughters have been accused of habitually assaulting staff, running a luxury-goods smuggling racket, and other offenses.