Hanjin
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The Hanjin Group KSE: [002320]
History
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.
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). [link] The Korea Herald even suggested that one of its three managing tycoons might be imprisoned after "prosecution on tax-evasion charges". Hanjin chairman Cho Yang-ho also stood trial for involvement in "illegal campaign funding" [link]Subsidiaries
- Hanjin Transportation
- Hanjin Travel Service
- Korean Air Lines
- Korea Airport Service
- Hanjin Shipping
- Hanjin Logistics
- Keoyang Shipping
- Hanjin Information System & Telecommunication
- TRAXON-Global Logistics System Korea
- TOPAS-Total Passenger Service System
- Cyber Logitec
- Hanjin Heavy Industries
- Korea Engineering Consultant
- Dongyang Fire & Marine Insurance
- Korean French Banking
- Inha University
- Inha University Hospital
- Hankuk Aviation University
- Hanil Country Club/Hanil Leisure
- Jungsuck Education Foundation
- Jungsuck Enterprise
- Senator Lines - Hanjin is the majority shareholder in Senator (1997).
- Harbor Express Trucking
See also
External links
- Company Main
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