Hanjin KAL shares leaped in Seoul, closing 20.6% higher, while Korean Air Lines ended up nearly 2% higher and other affiliates also rose.
“The death appears to have helped erase the so-called CEO risks, which have plagued Hanjin group firms, as a series of controversies and misconducts by the owner family members have hurt corporate values,” Yonhap news agency quoted a brokerage analyst as saying.
But the Cho family has come under scrutiny in recent years after being embroiled in multiple criminal probes over charges including assault, embezzlement and smuggling luxury goods. His two daughters, who held management positions at Korean Air, previously became viral sensations for temper tantrums dubbed the “nut rage” and “water rage” scandals, forcing Cho to issue a public apology and remove them from their posts.
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