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S. Korea rules against Schindler on Hyundai Elevator’s derivative contract

Collected: 2016.08.25

Distributed: 2016.08.26

Source: Go Direct

The Korean court ruled against Schindler Holding AG on its suit filed against Hyundai Elevator management including Chairwoman Hyun Jeong-eun for signing loss-making derivative contracts to support cash-strapped Hyundai Merchant Marine Co.

According to the industry Wednesday, Suwon District Court Yeoju Branch turned down 718 billion won ($639.2 million) won damage claim of Schindler against Hyundai Elevator, reaching a decision that the controversial derivative contract was a part of proper corporate management.

Schindler, the second-largest shareholder of Hyundai Elevator, claimed that Hyundai Group forced its elevator-making unit to engage in derivative contracts to tighten its grip over Hyundai Merchant Marine, which caused huge losses for Hyundai Elevator.

The Swiss elevator giant sent a letter to audit committee at Hyundai Elevator to seek compensation early 2014, which didn’t get a response. It took a legal action against the Korean firm’s management.

By Ji Hong-goo

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