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Family Feud Brewing at Kumho Asiana Group

Posted August. 04, 2009 08:43,   


The fired executive of a key affiliate of the Kumho Asiana Group said yesterday that he will fight his dismissal in court. Park Chan-koo was fired as CEO and chairman of Korea Kumho Petrochemical Thursday.

He wrote on the company’s online bulletin board yesterday morning that his elder brother Park Sam-koo had him fired when Sam-koo should have taken responsibility over the group’s woes by pursuing over-the-top mergers and acquisitions.

In a four-page text, Park Chan-koo said, “My elder brother illegally summoned a board meeting and blindsided me with a sudden dismissal. I will consequently take appropriate legal action.”

He reportedly locked himself at his home in Seoul’s Yongsan district over the weekend and personally uploaded the text. The company deleted his posting at 11 a.m. yesterday.

Park Chan-koo also said his elder brother’s family committed stock trading fraud, a charge that could prompt a criminal investigation. If the situation takes a turn for the worse, the family feud could turn into a telltale battle.

The group denied the allegations, saying, “We follow relevant regulations on board meetings and stock purchases, and therefore there are no legal issues.”