Labour tension runs high at Hyundai Group

Labour tension runs high at Hyundai Group

SOUTH KOREA - Tension is escalating between labour and management at Hyundai Group after the union of Hyundai Securities, a financial unit of the conglomerate, made public alleged irregularities of some executives last month.

At the time, unionized workers of Hyundai Securities filed complaints against group chairwoman Hyun Jeong-eun and several executives with the prosecution for seeking to "destroy" the union.

At a news conference, the union claimed that several executives including then-executive vice president Yoon Kyung-eun have mapped out detailed strategies to break up the union structure.

They revealed tape-recorded materials which they claimed show blackmailing and placation toward union leaders.

After the accusation, Yoon was promoted to one of the co-CEOs of Hyundai Securities despite strong protest from the union.

Workers argued that Yoon has been suspected of engaging in corruption.

The union argued that some figures, including Yoon, were implicated in wrongdoings such as irregular insider trading in a bid to attain a dominant power in the group.

While the union also included group chairwoman Hyun in their complaint against the prosecution, Hyundai Group officials downplayed the union's movement.

A spokesman said the details involving the union's legal action has come from "groundless arguments."

But the Hyundai Securities union said the group executives' meeting, which was held on Sept 26 in southern Seoul, will eventually prove irregular labour policies of the group.

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