His death comes two weeks after he was dismissed by shareholders from the board of Korean Air. After this announcement on Monday, the action of the group jumped.
The controversial boss of Korean Air, whose family has been involved in multiple scandals, including those of "macadamia nuts", died Sunday at the age of 70 and announced the South Korean company on Monday, April 8. She said that Cho was Yang-ho "Dead peacefully" in a hospital in Los Angeles, without revealing the causes of this death.
He was tried for corruption and died two weeks after he was expelled from the board of Korean Air by shareholders who refused to renew his mandate at the end of March.
He was chairman of the Hanjin group and managed about 30 percent of Korean Air through his parent Hanjin KAL. When he was removed from the board, Korean Air admitted that this vote had taken place "Slightly weakened" Mr. Cho & # 39; s position at the head of the airline while emphasizing that he was still in control of the company.
Monday, the rise of Hanjin KAL on the stock market has reached 24%. Korean Air Lines opened with an increase of more than 6%, and the other branches were also green.
"This death seems to have swept the risks of the boss, as they were called, causing the Hanjin group companies to plummetsaid an analyst at the South Korean news agency Yonhap. The values of the group were influenced by a series of polemics and shortcomings involving family members. "
The capricious behavior of his daughters
However, it is under the chairmanship of Cho Yang-ho that Korean Air has become one of the largest companies in the world and serves 124 cities in 44 countries. He also led the organizing committee of the Pyeongchang Winter Olympics in 2018 until his resignation two years before the competition.
The South Korean chaebols, the vast, ultra-large family conglomerates that dominate the South Korean economye worldwide, are often controversial. But the Cho family hit the headlines more than others. Already in 2000 sentenced to suspended prison sentence for tax evasion, Mr. Cho was tried for embezzling more than 20 billion won (15.6 million euros) and unlawfully awarded contracts to companies controlled by members of his family.
His wife, Lee Myung-hee, was heard by the police for alleged acts of violence against employees, including shouting, cursing, beating and kicking. But it is mainly his two daughters who have shown themselves through tempered or erratic behavior.
In 2014, Elder Cho Hyun-Ah had forced two crew members to kneel in favor of having macadamia nuts in their pockets and not in a bowl. She had also demanded the disembarkation of the head of the hut. She had to serve a short prison sentence in this case. A few months ago, her youngest daughter, Cho Hyun-min, was accused of throwing a drink in the face of the manager of an advertising agency during a meeting.