News / Not the time to wean HMM off state support, says Seoul's new government

Cho Seung-hwan. Credit: President Yoon Suk-yeol’s transition committee

South Korea’s new minister of oceans and fisheries has U-turned on the state releasing its grip on flagship carrier HMM, saying it is not ready to be privatised.

Cho Seung-hwan was appointed on 10 May after South Korea’s new conservative president, Yoon Suk-yeol, was sworn in.

His decision is a reversal of the stance taken by former vice-minister Eom Ki-doo and Korea Development Bank chairman Lee Dong-gull, who had said the government would seek a buyer for the state’s 44% HMM holdings, ...