Hanwha operates ‘Emergency Council’ in absence of chairman

Hanwha Group said yesterday that it is operating a so-called “Emergency Management Council” in order to minimize the void of Chairman Kim Seung-youn, who has been arrested and sentenced to three years in jail for embezzlement. The 61-year-old Kim’s imprisonment is currently suspended until May 7 due to his deteriorating health.

Hanwha, the nation’s 10th-largest conglomerate, has been conducting emergency management since Kim went to jail last August, but the council will officially decide the big issues of the company’s business, such as investment and recruitment. The council will be led by veterans of the group and take care of the group’s business in three sectors - finance, manufacturing and service. Kim Yeon-bae, the vice chairman at Hanwha Investment & Securities, will head the council while also taking charge of financial sector. Hanwha Chemical CEO Hong Ki-joon will oversee the group’s manufacturing sector and Hanwha Hotel & Resort CEO will lead the group’s service sector.