Hyundai Cement: South Korean court rejects injunction

The Seoul Central District Court in South Korea has rejected an injunction to terminate the contracts of Hyundai Cement executives including CEO Lee Joo-hwan in the middle of a battle over the ownership of the cement company. In October 2015, Chung Mong-sun, the former chairman of Hyundai Cement, filed for the injunction, and the court has said his claims are not enough to qualify for an injunction. During the recent shareholders' meeting, it is reported that Chung failed to convince in a bid to take

March 23, 2016 Read time: 1 min

The Seoul Central District Court in South Korea has rejected an injunction to terminate the contracts of 429 Hyundai Cement executives including CEO Lee Joo-hwan in the middle of a battle over the ownership of the cement company.

In October 2015, Chung Mong-sun, the former chairman of Hyundai Cement, filed for the injunction, and the court has said his claims are not enough to qualify for an injunction.

During the recent shareholders' meeting, it is reported that Chung failed to convince in a bid to take over the company.

KEB Hana Bank owns 24.4% of the cement firm and is the largest stakeholder.

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J.C. Jung appointed as new CEO for Hyundai Heavy Industries Europe

Hyundai Heavy Industries Europe, located in Geel, Belgium has a new chief executive, J.C. Jung, who fills the shoes of the former CEO and recently promoted S.G. Rhee, who will return to Hyundai Heavy Industries Korea.

Mr Jung was formerly global sales director Forklifts in Korea, and began his career as an industrial engineer at Hyundai, following ten years with the company. He then moved to the sales department where he has been responsible for sales of construction equipment and forklifts.

As the ne