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“How are you going to make Baeksansu by mixing manure water with old water?”
Interview with Professor Han Sang Lee
This is a comment from a Facebook business professor about restructuring the aviation industry. After comparing Korean Air, which has been dragged into a business and debt crisis, with “old water” and Asiana Airlines, which is more than that, with “poop”, it asks, “Is this true?” This is the story of Professor Han-sang Lee (49, photo) of the Business School of Korea University. On the 20th I met Professor Lee at Korea University in Anam-dong, Seoul.
- I criticize every day
- “This is because this agreement is totally unacceptable in terms of procedures and purposes. As I watched Saneun escape, I thought, “Lee Dong-geul is the love of the capital market.”. “
Han-sang Lee, a professor at Korea University Business School, will conduct an interview with JoongAng Ilbo on the 20th at Korea University Business Center. Journalist Kim Sang-sun
- “It’s illegal. It is the same that there is a hidden purpose and a private interest. When I hear President Lee’s words, I think he doesn’t have the concept of capital markets and corporate governance. In the 1980s he is like a “solver” in the time of Doo-Hwan Chun and the person in charge of restructuring the government during the financial crisis. I think I came from the past in a time machine. “
“The purpose behind the failures of Asiana’s restructuring”
- Which part is illegal
- “Hanjin Kal is said to carry out a paid-up capital increase by assigning it to a third party in a state of management rights dispute without asking Hanjin Kal’s shareholders. There must be an exceptionally urgent need for funding in the statute, but Hanjin Kal has a 100% debt-to-GDP ratio A solid company has no short-term debt that needs to be paid off quickly. Business law professors see subpoenas from courts as more than 70%.“
Lee Dong-geol, president of the industrial bank. Industrial bank
- Why do you think Saneun is like this?
- “Due to the hidden purpose. Saneun was unable to deal with Asiana Airlines. From the very beginning, Park Sam-koo, former president of the Kumho Asiana Group, had to ask for group management responsibility to reduce the stakes and convert investments. After that, Good Company would have to be separated and sold, and Bad Company would have to make a sale worth selling through the restructuring. But, noting the policy, he could not properly manage Honam’s companies and proceeded with the industrial development of Hyundai. Then Corona 19 broke out. The deal did not go well. If you adjust the conditions to your advantage, you are self-admitted to failure of the restructuring, so Hyunsan has been waiting for his hand to be raised, and now he has found an excuse for Corona 19. So, he went to the group president Hanjin Cho Won- tae e said: “I will protect management rights” and delivered Asiana Airlines on much better terms. I think the face of the restructuring failure was the hidden purpose of this agreement. President Cho is also out of luck, you have bad company as you control both staff and management.“
“Renovation is an excuse … get rid of the pun and show the numbers”
- Is it necessary to restructure the aviation sector?
- “Self If there was a need for the big picture of the restructuring of the aviation industry at the level of the real national economy, it should have been done at least before Hyunsan entered the deal late last year.. By the way, Saneun spent time with Hyunsan until September. And since when has the Korea Development Bank been an expert in the aviation sector? It’s all just an excuse and a match. “
Korean Air and Asiana Airlines passenger aircraft seen from the observatory of Incheon International Airport. Newsis
- Could not economies of scale arise as a result?
- “If the two airlines are combined, the scale increases. However, the economies of scale are different. Cost reduction or price-based synergy is the source of the synergy. KDB has language that says,” There is no workforce restructuring and fare adjustment, but the benefit of the people will be greater. “It just repeats that the seventh full-service airline (FSC) in the world will be created. So the question is how the two companies make money and normalize. I can’t see the road. If a company with a total debt of 35 trillion won goes wrong and goes to court officials, it is now a great devastation and tax burden on people. Saneun has done something he cannot afford. “
- “If the two previously insolvent companies are synergistic in the future, the first thing to do is to disclose the concrete normalization plan. I would like to get rid of the pun and show the numbers in detail.. “
“Signature Kang Seong-bu? Opposite words of the chaebol … How is the official Won-tae Cho?”
Sungbu Kang, CEO of KCGI. Central photo
- KCGI CEO Kang Sung-bu is strongly opposed
- “President Lee Dong-geol said: ‘If President Won-tae Cho, who has a 6% stake, is a problem, isn’t it a problem with the Kang Seong-bu fund, whose money is zero?’ The government’s economic policies, such as investment and administration codes, are also completely denied. The same money, but if it moves it pursues the public good, and if the capital market participants manage it, they pursue private interests, which is the level of the Joseon dynasty. In the process, they actually sell the public interest name, put a straw in the company, and realize the private interest. This is why I call Lee the corporate governance villain. “
- President Lee also said that Kang was a sign that he could not be the target of the negotiations.
- “CEO Kang is the representative of a fund that holds more than 46% of Hanjin Kal’s stake. He said he will put experienced businessmen on the board. I think the word ‘sign’ was used as a the opposite of chaebol. He is a chaebol addict who doesn’t believe in the functions of the capital market. So, has Won-tae Cho been well managed? After being appointed in 2014, until 2019, except for 2017. The accumulated deficit is 1.7 trillion won.
“The symbiosis between morphine and incompetent chaebol, that’s a lot of money”
- Do you think the dispute over management rights is over?
- “You are welcome. A temporary injunction is expected. Although the court has sided with Han Jin-Kal, the dispute over management rights remains alive. Not long ago, the Solidarity for Economic Reform said: “To disclose whether an agreement exists to jointly exercise the voting rights for Hanjin Kal’s 10% stake in San Eun or to prohibit the refusal to exercise voting rights. . If you have not made such an agreement, disclose it. The Korea Exchange must file a request for investigation and disclosure of this information. “I totally agree. If an interim injunction is cited, President Lee Dong-geol must step down with responsibility for causing confusion in the capital market. The same goes for Han Jin Kal and Korean Air’s board of directors. We must hold our shareholders accountable for the appointment. “
Lee Han-sang, a professor at Korea University Business School, gave an interview with JoongAng Ilbo on the 20th at Korea University Business Center. Journalist Kim Sang-sun
- Did the political position also influence this criticism?
- “I In the past, he has reported issues with Samsung Biologics’ accounting as a member of the oversight committee and has received plaudits from the left for calling for transparency in private daycare accounting with the ruling party lawmaker. Don’t criticize or keep quiet depending on the political position. This criticism is poured out by his scholarly conscience and his antipathy to the denial of capitalism. I think a professor should always say the right thing. “
- The significance of this agreement in our capital markets is
- “It is an important case that will divide the next decade of our capital markets. If the interim injunction is rejected and the deal is concluded with the support of the government and the strength of the KDB, the discount on Korea’s governance (government structure) will continue. No, it gets worse. Sangeun should not say “I will exercise the casting boat”, but rather say “I will give up the shadow vote or exercise management control”. This situation deserves to be called the new state-led political and economic convergence. This is a symbiosis between Morphea and the incompetent chaebol. If the two companies become insolvent with this agreement, hearings and special prosecutors in the next regime are inevitable. ”
Reporter Jeong Yonghwan [email protected]
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