Hyundai, A Year after Chung Mong-hun's Death

One year ago, fifty four year old Chung Mong-hun, chairman of several former Hyundai Group divisions including Hyundai Asan, Merchant Marine, and defacto holding company, Hyundai Elevator, committed suicide. Chung Mong-hun was the fifth son of Chung Ju-yung, the founder of the Hyundai Group, which for decades was the largest conglomerate in Korea.

The death came amid accusations of controversial and illegal money payments to North Korea.

Following the death of Chung, his wife Hyun Jeong-eun, assumed the reins as chairwoman of her husband’s Hyundai holdings. Soon the company became embroiled in a family feud led by Chung Sang-yung, the uncle of Chung Mong-hun.

After eight months of maneuvering for control over the conglomerate, it now remains firmly in the hands of Hyun Jeong-eun.

Experts see one benefit of the months of crisis-- Hyun Jeong-eun's leadership has matured and she has succeeded in strengthening Hyundai employee solidarity.

I find it interesting that Hyun, in venerate Confucian fashion, remains an adamant supporter of her late husband and father-in-law’s North Korean ventures. Although the North Korean ventures have suffered great financial losses, Hyun continues to move forward with the conglomerate’s tourist and business endeavors in North Korea.