S.Korea Jin Air shares slide after report of potential licence cancellation

Jin Air Co

09/05/2018 01:37

SEOUL, May 9 (Reuters) - Shares in South Korea's budget
carrier Jin Air Co Ltd  272450.KS  tumbled as much as 9 percent
to a six-week low on Wednesday after a South Korean TV channel
reported the transport ministry is considering cancelling the
airline's licence. 
    The transport ministry internally discussed last week
whether to cancel Jin Air's licence after discovering Cho
Hyun-min, the daughter of the chairman of Jin Air's parent
Hanjin Group, had been a registered board member of the airline
despite being an U.S. citizen, violating South Korean transport
law, TV channel KBS reported late Tuesday citing unnamed
sources.
    A transport ministry official authorised to speak on the
matter could not be immediately reached for comment. 
    A spokeswoman for Jin Air said the company is cooperating
with the transport ministry's investigation and declined further
comment. 
    Jin Air was last down 6 percent.
    

 (Reporting by Joyce Lee; Editing by Edwina Gibbs)
 ((jungyoon.lee@thomsonreuters.com; +82 2 3704 5609; Reuters
Messaging: jungyoon.lee.thomsonreuters.com@reuters.net))