US financial investor Paul Singer has joined the Korean Hyundai Group. His hedge fund Elliott has shares worth more than USD1 billion (812 million euros) of Hyundai and its sister company Kia.
Elliott welcomed news that the car maker has taken the first steps towards a better corporate structure. However, management should do more and provide a detailed roadmap for better governance and more distributions to investors among companies. As a result, the hedge fund also wants to get involved directly in discussions with the management.
The complex network around the Hyundai company revolves around founding family Chung. For a long time there had been criticism from shareholders about alleged lack of transparency. The group structure ranges from steel to car production and together has a market value of more than 70 billion euros.
