Chung Mong-Hun to contribute personal assets

Hyundai Asan Chairman Chung Mong-Hun will contribute personal assets to alleviate the liquidity crisis at Hyundai Engineering & Construction (HEC). Moreover, the Hyundai Group¡¯s holding company will likely succeed from HEC to Hyundai Merchant Marine.

The Hyundai Group announced Friday that apart from the self-rescue plan submitted by the group on August 13 to its creditors, chairman Chung Mong-Hun will contribute his personal assets.

A source from the Hyundai Group revealed that the size of Chairman Chung¡¯s contribution will be in the billions of won, some from selling his holding shares in affiliates and some from participating in the capital increase of HEC.

The group revealed that chairman Chung is reviewing a plan to dispose of his 1.7% share in Hyundai Electronics Industries and to raise 100 billion won to acquire HEC¡¯s 23.86% share in Hyundai Merchant Marine.

Lee Byong-Ki eye@donga.com