Hanwha Group leader Kim Seung-youn returns to management

Hanwha Group leader Kim Seung-youn is returning to management seven years after he was banned from business activities following his conviction for embezzlement.

The defense-to-insurance conglomerate said on Feb. 26 Chairman Kim will return as an executive to three group affiliates – the group’s holding company Hanwha Corp., Hanwha Solutions Corp. and Hanwha Engineering & Construction Co. – next month.

He will maintain the honorific title, chairman, but won’t assume any key posts at the three affiliates. Instead of getting involved in day-to-day business operations, he will focus on developing new business opportunities and expanding networks in Korea and abroad, according to the group.

“With his return, our M&A and new investment projects will gather momentum,” said a group official.

In 2014, Kim stepped down from his chief executive posts at seven Hanwha affiliates after he was sentenced to three years in prison, then suspended for five years, over his involvement in the illegal diversion of corporate funds to help financially weak subsidiaries.

Write to Jae-Kwang Ahn at ahnjk@hankyung.com
In-Soo Nam edited this article.