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Hanjin Shipping gets money from its Chairman

The current Chairman of Hanjin Shipping has now transferred USD 36 million to the collapsed carrier in order to help fund the costs of unloading its vessels. The Hanjin receivership is the Lehman Brothers of shipping, says Seaspan CEO.

Photo: Mark Lennihan/AP/Polfoto/Arkiv
BY OLE ANDERSEN

The Chairman of Hanjin Group, Cho Yang Ho, transferred USD 36 million to Hanjin Shipping to contribute to the cost of offloading the containers which are stranded on the carrier's vessels. Meanwhile, the former Chairman and member of the dynasty behind the now-collapsed container carrier, Choi, Eun-young, has transferred close to USD 9 million out of her own pocket.

As reported by ShippingWatch, Cho Yang Ho has previously stated that he would try to raise 40 billion won, corresponding to USD 36 million. According to South Korean news media Yonhap, he has now done this with loans from various banks.

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