HANJIN CONGLOMERATE TO SPLIT INTO FOUR GROUPS

HANJIN CONGLOMERATE TO SPLIT INTO FOUR GROUPS    The Hanjin chaebol, the Korean industrial conglomerate controlled by the Cho family, will split into four industry-specific units, according to press reports in Korea.
   The units will be shipping (Hanjin Shipping), shipbuilding, airline (Korea Air) and finance.
   The restructuring will mean that the various arms of the conglomerate will need to end the current cross-shareholdings between them, according to reports. At present, affiliated Hanjin group companies such as Korean Air and Hanjin Transportation Co. own 24.9 percent of Hanjin Shipping, while the Cho family owns another 8 percent of the shipping group.
   A spokesman for Hanjin Shipping in Seoul said that the company is already run independently of the other businesses of the group.