 |
[Alpha Biz=(Chicago) Reporter Kim Jisun] The Fair Trade Commission received a ruling from the High Court that the fines imposed on Asiana Airlines were legitimate. It was acknowledged that Asiana Airlines used the in-flight meal supply contract to support Kumho Express, the same person (CEO) company.
According to the FTC on the 7th, the sixth administration of the Seoul High Court rejected Asiana Airlines' claim and ruled in favor of the Fair Trade Commission in a lawsuit filed by Asiana Airlines to cancel corrective orders and fines on the 31st of last month. The FTC concluded that the fine of KRW 8.147 billion imposed by Asiana Airlines in November 2020 for unfairly supporting Kumho Express was legitimate.
According to an FTC investigation at the time, Asiana Airlines decided to acquire Kumho Express's bond with warrant (BW) without interest instead of giving the Swiss Gate Group the right to exclusively supply in-flight meals for 30 years. Since then, Kumho Express has raised funds worth 160 billion won from Gate Group with a 0% interest rate and a maturity of up to 20 years.
Kumho Express is at the peak of the group's governance structure. The Fair Trade Commission said Park Sam-koo, former chairman of Kumho Asiana Group, raised the funds excessively with the aim of restoring management control of other affiliates under creditor management. At that time, the unfair support fines imposed on Asiana Airlines and other Kumho Asiana Group affiliates amounted to 32 billion won.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
