Pan Ocean acquired a 0.24% stake in LS Corp for 12.3 billion won ($9.1 million) in May, adding another layer to the complex web of Korean corporate maneuvering centered on disputes between LS Group and Hoban Group.
The shipping company, controlled by poultry conglomerate Harim Group, purchased 76,184 common shares in the LS Group holding company. Pan Ocean characterized the investment as purely financial, but industry analysts view it through the lens of Harim’s established ties to Hoban Group.
The move comes as Hoban Group has been steadily increasing its own stake in LS Corp to over 3%, triggering tensions with LS management over ongoing patent litigation between their respective cable subsidiaries. Under Korean commercial law, shareholders with at least 3% can demand access to company books and request shareholder meetings.
LS Group has responded by forging defensive alliances with Hanjin Group and LIG Group, while Hoban simultaneously pressures Hanjin KAL, where it holds an 18.46% stake. The cable patent dispute between LS Cable & System and Hoban’s Taihan Cable & Solution has escalated into a broader corporate control contest.
Pan Ocean’s modest investment represents another thread in this increasingly tangled corporate drama, where business relationships are being reconfigured around legal battles and takeover concerns. The shipping company’s purchase, while small in absolute terms, signals how subsidiary companies are being drawn into their parent groups’ strategic positioning.
