Hanjin’s former chair investigated as carrier applies for debt restructuring
South Korea’s biggest container carrier Hanjin Shipping has applied for a debt restructuring agreement with creditors as its former chairwoman and her two daughters are under investigation for alleged insider trading.
Choi Yoo-kyung and her two daughters are suspected of using inside information while selling their entire stake in Hanjin days before the company announced its decision to file for bank receivership.
The shipping company’s former chair and her two daughters sold their 3.1bn won (US$2.6m) worth stake in Hanjin between April 6 and 20, while the company applied for a creditor-led debt restructuring program to the state-owned Korea Development Bank on April 25.
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