Ex-chairwoman of Hanjin Charged With Insider Trading
The Seoul Southern District Prosecutors’ Office said Choi Eun-young, the former chairman and former CEO of Hanjin Shipping, has been indicted on charges of insider trading.
According to Yonhap, the prosecution alleged that Choi sold stock in Hanjin when she learned of the carrier's impending collapse, several days before the firm applied for a restructuring program and made its situation known to the public.
The stock sale was completed a few days before Hanjin Shipping, long troubled by an industry slump and ballooning losses, decided to apply for a creditor-led debt revamp and a self-rescue program.
Hanjin, one of the world’s leading container carriers, filed for court receivership in late August amid multi-billion-dollar debts. Choi and her two daughters allegedly sold off their shares in the company between 6 and 20 April.
Choi currently heads Eusu Holdings Co. which separated from Hanjin Group in May 2015. It has shipping-related units under its wing.