Korean Air Lines yesterday said that two daughters of its chairman would resign from their executive positions amid mounting public criticism over the women’s behavior and allegations that the family engaged in smuggling.
An official at the Korea Customs Service confirmed that authorities raided the airline’s headquarters in Seoul seeking evidence on alleged smuggling and tariff evasion.
Chairman Cho Yang-ho announced the resignation of his daughter Hyun-ah, who returned to the leadership just last month after a four-year hiatus following a “nut rage” scandal, and her younger sister, Hyun-min — also known as Emily — who is under investigation for allegedly hurling a cup of water at a business meeting.
“We are deeply sorry for upsetting the public and Korean Air employees with my family’s problems,” Cho said in a statement. “Everything is my fault. I apologize to the public.”
He said Korean Air would create a new management position to hire a senior manager outside the family and establish a compliance committee.
A former Constitutional Court judge is to head the committee to beef up internal oversight, the airline said.
South Korean media reports have cited anonymous tips from airline employees that the Cho family smuggled foreign goods into South Korea by disguising them as corporate assets.
A Korean Air spokesman said the family is fully cooperating with the investigation.
The Cho family’s troubles have angered many South Koreans who resent abuses of power by elite families connected to many of the country’s biggest publicly listed businesses.
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