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Hanjin-KAL fends off activist fund’s challenge over directors

KCGI vows to continue challenging chaebol's board

SEOUL -- Hanjin-KAL on Thursday fought off an attempt by a leading shareholder to unseat a director close to the South Korean conglomerate's controversial chairman, who earlier this week was ousted from the group's Korean Air Lines after being indicted for embezzling corporate funds.

The holding company of Korean Air Lines successfully re-elected CEO Suk Tae-Soo as a board director and picked up three new outside directors recommended by the board. Local activist fund Korea Corporate Governance Improvement, Hanjin-KAL's second biggest shareholder with 12.8%, had opposed all four candidates, raising questions over their independence and abilities. However, it failed to win support from other shareholders.

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