Korean Air cannot confirm Hoban has overtaken Cho in Hanjin KAL

Hanjin KAL's status as the largest shareholder in Korean Air remains uncertain, as the carrier cannot confirm whether the Hoban Group has overtaken the Cho Won-tae-led group, according to a statement on Tuesday. The Korean Air spokesperson noted that there is insufficient information on the magnitude of Hoban's recent share acquisitions within Hanjin KAL, the country's national airline.

"Confirmation of whether Hoban's stake in Hanjin KAL has surpassed that of Cho has yet to be established, so Hanjin KAL will issue an update on the precise details of the stake structure in a month through a regulatory filing," the official explained. Hanjin KAL operates as the parent entity of Korean Air. Earlier this week, Hoban Group disclosed its additional share purchases in Hanjin KAL, leading to a filing with the Fair Trade Commission as they believed their combined holdings had surpassed those of Cho and affiliated parties.

However, the exact quantity of Hoban's latest purchases remains undisclosed, which hinders the verification of whether the Hoban Group has officially ascended to the top shareholder position in Hanjin KAL. In response to Hoban's filing, Cho signed an agreement.