Tuna fisher takes control of rival fleet

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Tuna fisher takes control of rival fleet

Sajo, which owns the world’s largest tuna fishing fleet, became the biggest shareholder of rival Oyang Corp. June 1 after buying the 35.2 percent stake belonging to Kim Sung-soo, Oyang’s now deceased founder, and his wife. Kim passed away June 2. Sajo paid 12.7 billion won ($13.7 million) for the shares, bringing their total ownership to 46.4 percent. The additional 11.2 percent stake was bought over the past three months, the company announced.
Kim Myong-hwan, vice chairman of Oyang and eldest son of Kim Sung-soo, is not happy with the sale. Kim Myong-hwan and 200 other employees have occupied the funeral room at Seoul National University in protest since Monday. Industry watchers say the late founder’s wife and other family members decided to sell their stake before Kim Myong-hwan takes the company over.
After the late founder, who was also the company’s chairman, suffered a stroke in 2000, conflicts between Kim and rest of the family abounded. Kim fired his brother-in-law, or the late Kim Sung-soo’s son-in-law, as president of Oyang and took the reigns himself. The late founder canceled the decision through a law suit.
Kim Myong-hwan even sued his mother to return 3.9 billion won. Currently Kim Myong-hwan holds 7 percent of the company and friendly shares are less than 3 percent.
Oyang was established in 1969 and has annual sales of 100 billion won.

By Hwang Young-jin Staff Writer [yhwang@joongang.co.kr]
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