Hyundai’s trading arm splits from parent group

Hyundai Corp said on Monday that its major shareholders had written off their equity as part of a plan to separate the trading company from what was once South Korea’s biggest conglomerate.

Hyundai said equity write-off was completed as of Sunday. It became the first key unit to be spun off from the group controlled by Chung Mong-Hun who committed suicide in early August. Hyundai Corp will construct an independent management structure as a general trading company. With this, the group has now shrunk into a minor conglomerate with only 11 units including Hyundai Asan, Hyundai Merchant Marine Co and Hyundai Securities Co.