Cho Hyun-moon (R), former vice president of Hyosung Corp., bows in front of reporters at a press conference in Seoul on July 5, 2024. He pledged to end his yearslong conflict with his brothers and donate his inheritance from his late father to society. (Image courtesy of Yonhap)
SEOUL, Jul. 5 (Korea Bizwire) — Cho Hyun-moon, former vice president of Hyosung Corp. and estranged son of the company’s founding family, on Friday pledged to end his yearslong conflict with his brothers and donate an inheritance from his late father to society.
At a press conference held in Seoul, Cho said he will donate his inheritance from late Honorary Chairman Cho Suck-rai, who passed away in March, to establish a public foundation.
“By donating the entire inheritance to the foundation, I aim to create a precedent for it to be used for the benefit of the country and society. I believe that other co-heirs will also cooperate in establishing this public interest foundation,” Cho said.
Cho, the second son of the family, left the group in 2016 and remained estranged from the family after a power struggle with his two brothers — Hyosung Group Chairman Cho Hyun-joon and Cho Hyun-sang, vice chairman of the newly launched HS Hyosung.
In March, the honorary chairman left a will urging reconciliation among the sons. He reportedly decided to leave the second son also with an inheritance exceeding the legally required minimum share for heirs despite the internal feud.
Since July 2014, the former Hyosung vice president has accused his older brother and key executives of alleged embezzlement and breach of trust. The brother filed a counter suit, accusing his younger brother of blackmail.
The former vice president expressed his intention to uphold his father’s wish.
“I aim to end the conflict among us and reconcile by supporting our late father’s intentions,” he said, adding, “I am willing to forgive and not dwell on the unfair treatment I have faced until now.”
(Yonhap)
