May 9, 2018 / 1:06 AM / a year ago

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

SEOUL, May 9 (Reuters) - Shares in South Korea’s budget carrier Jin Air Co Ltd 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

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