Hyundai chairwoman asks FTCto intervene.

(From The Korea Herald)

Hyundai Group Chairwoman Hyun Chung-eun plans to file a suit with the nation's antitrust panel against her uncle-in-law's acquisition of shares in the group's holding company, Hyundai Elevator Co., group officials said yesterday.

The move will likely escalate friction between Hyun, who took the conglomerate's top post after her husband, son of the Hyundai founder, committed suicide in August, and the founder's younger brother, Chung Sang-young, honorary chairman of Kumgang Korea Chemical Co., over the group's management control.

According to Hyundai officials, Hyun will bring the case to the Fair Trade Commission this week, in what is seen as an attempt to get the upper hand in an upcoming trial.

A court is scheduled to begin a hearing today on an injunction filed by Kumgang Korea, known as KCC, seeking to stop the issuance of new shares by Hyundai Elevator, which was proposed by Hyun. Last month, the widowed chairwoman devised a plan to prevent the takeover of Hyundai Group by KCC by diluting the current stakes of Hyundai Elevator stockholders, including Chung, with a public offering of shares. Hyundai Elevator has promised free shares to individual investors as an incentive.

In a related move, Hyun is also considering petitioning the Financial Supervisory Service to order KCC to dispose of the 20.63-percent stake in ...