In April, Hyun finished paying 170 billion won and interest in arrears to Hyundai Elevator, as the Supreme Court in March accepted Schindler's claim that she had caused damage to the Korean firm by signing derivative financial product contracts between 20. 'If the chairwoman is defeated in the ongoing litigation, she could also be forced to pay a significant amount of interest in arrears.' 'In the previous lawsuit, the court acknowledged that the defendants had violated their duty of due diligence,' one of the sources said on condition of anonymity. Hyun holds a 7.83 percent stake in Hyundai Elevator, but is considered to be the largest de facto shareholder, as she and her allies collectively own a combined 26.57 percent stake. 'Schindler has suffered difficulties in increasing its share in the Korean market, unlike ThyssenKrupp and Otis, both of which have successfully expanded their presences here,' an industry official said.Īs the second-largest shareholder of Hyundai Elevator with 15.5 percent stake, Schindler claims the defendants owe the Korean elevator firm an additional 214.8 billion won ($160 million). Schindler has been rumored for some time to be seeking to gain management control of Hyundai Elevator, which is the only Korean elevator manufacturer and ranks at the top of the domestic market. Hyundai Group Chairwoman Hyun Jeong-eun continues to face the risk of losing control over Hyundai Elevator, a key subsidiary, as her legal battle with Swiss elevator maker, Schindler, has not yet come to an end, according to sources familiar with this issue, Wednesday.Ī court document obtained by The Korea Times showed that a lawsuit Schindler filed in 2020 against the chairwoman and the former directors of Hyundai Elevator is still ongoing, despite her recent payment, in response to a previous legal case, of over 200 billion won ($150 million) in compensation for causing damage to the Korean elevator maker.

Swiss company urges Korean firm's execs to pay additional $160 million Hyundai Elevator's headquarters in Chungju, North Chungcheong Province / Courtesy of Hyundai Elevator

Damage Control by Jae