The National Pension Service (NPS) is expected to continue to participate in the management of Hanjin KAL despite a struggle for control of the holding company between the Hanjin Group chairman and his elder sister.
Health and Welfare Minister Park Neung-hoo said after the NPS Investment Management Committee meeting today (July 3) that “it was not discussed at today’s meeting but was discussed at the relevant committee [in June], and the meeting accepted that there was no particular reason to change the purpose of stock holdings”.
Park added, “And I heard it was decided to keep the existing policy.”
The Ministry of Health and Welfare is in charge of the NPS and Park is chairman of the NPS Investment Management Committee.
Some media outlets had earlier reported that the NPS had discussed a plan to change the purpose of holding Hanjin KAL shares from “management participation” to “simple investment” or “general investment”.
One media group, BusinessKorea, said that the move appeared to be aimed at distancing the NPS from the Hanjin feud. However, Park dismissed such speculation today. (Reporting by Kyoungho Lee)