Hoban Group has become the largest shareholder of Hanjin KAL, the holding company of Hanjin Group, after its stake with related parties reached 20.69%, or 13,814,053 shares. That surpassed the 20.58% held by Hanjin Group Chairman Cho Won-tae and related parties, leaving Hoban ahead by 0.11 percentage point. Cho disclosed plans to acquire 325,000 shares, or about 0.49%, for 37 billion won ($25 million), potentially restoring his side as the largest shareholder if completed in early December. The shift marks the start of a broader contest over management control. Hoban has retained simple investment as its stated purpose and has not declared participation in management. Cho’s position is also supported by Delta Air Lines and Korea Development Bank, which held 14.90% and 10.58%, respectively, at the end of June.