Hanjin

From Freepedia

Hanjin
Image:Hanjin logo.gif
Korean name
Hangul: 한진
Hanja: 韓進
Revised Romanization: Hanjin
McCune-Reischauer: Hanjin

The Hanjin Group (KSE: 002320) is a Korean conglomerate, or Chaebol. The group is a holding company that includes a shipping company, Hanjin Shipping, and Korean Air (KAL), which was acquired in 1969.

Hanjin began at the end of World War II, on 1 November 1945. Early on its biggest customer was the U.S. Army, providing the transportation of material to both Korea and Vietnam. The company signed a major contract with the US 8th Army in November of 1956, and another contract in March, 1966 with all of the U.S. armed forces in Vietnam, including the Army, Navy, and Air Force. In November of 1969 Hanjin made its entry in the containerized shipping business signing a deal with Sea Land Services. It opened its first container yard less than a year later, in September of 1970, at the port of Pusan.

The late seventies saw a major push into the Middle East with contracts signed with Kuwait at the port of Shuwaik (September 1977), and Saudi Arabia at the port of Dammam (March 1979), and at the port of Jeddah (May 1980.

In March of 1990 the company branched out into trucking and warehousing with the purchase of Korea Freight Transport Company. Two years later, in June of 1992, the company started Hanjin Express to deliver small packages and provide courier service. The company started to load and unload cargo at the ports of Long Beach and Seattle with the joint venture Total Terminals Inc., in August of 1992. In January of 1993 they initiated container rail service between Pusan and Uiwang. In May 1995 the company hauled grain to North Korea.

With its majority interest in the Senator Lines Hanjin-Senator in the seventh largest container transportation and shipping company in the world.

Image:Container Ship-1.jpg

Contents

Tax litigation

In 1999, Hanjin Group paid the largest penalty tax ever levied in Korea to that time; 541.6 billion won ($445.8 million). [1] The Korean Herald even suggested that one of its three managing Tycoons might be imprisoned due to "prosecution on tax-evasion charges". The chairman of Hanjin also stood trial for involvement in "illegal campaign funding" [2]

Subsidiaries


  • Senator Lines - Hanjin is the majority shareholder in Senator (1997).

See also

External links

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