Hanjin saga reveals South Korea corporate governance flaws

Seoul

HANJIN Shipping will declare bankruptcy on Friday, with the former titan of the global shipping industry and one of South Korea's powerful family-run chaebol finally sinking under billions of dollars of debt.

As it heads to a Seoul court to be delivered its last rites, the firm is bereft of assets and has just a few dozen employees on its payroll - a far cry from its heady days as the country's top sea transport company riding the waves of a booming economy.