Hanwha Ocean union sues over unpaid stock awards

Workers at Hanwha Ocean have initiated legal action against the company over promised but undelivered restricted stock units (RSUs). The Korean Metal Workers' Union's Hanwha Ocean branch held a press conference outside the Busan District Court on June 24, marking the first hearing for the lawsuit.

"Today is the first hearing to hold the company accountable for not paying the RSUs. We will end the company's lies and reclaim our members' rights," the union stated. They allege that Hanwha Group agreed to issue RSUs as a "sale bonus" when acquiring the former Daewoo Shipbuilding & Marine Engineering in May 2023. However, as the February 2024 payment date approached, the company allegedly broke the agreement, citing unmet sales targets.

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Today is the first hearing to hold the company accountable for not paying the RSUs. We will end the company's lies and reclaim our members' rights.

The union further claims that while they engaged in continuous dialogue through a working-level committee, Hanwha Ocean displayed a "deceptive attitude." They presented conditions such as reducing the union's work stoppage rights and introducing smart yards. Believing the company has the financial capacity to pay but is delaying, the union decided to pursue legal action. A significant portion of the union's 4,800 members, 2,700 in total, are participating in the lawsuit.

"Hanwha Group has not kept its promise for two years and five months. Legal battle is now the only option," a union official said. "The company must admit its wrongdoing and fulfill its promise now." The union demands the immediate payment of the promised RSUs and a public apology for the unilateral breach of agreement.

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Hanwha Group has not kept its promise for two years and five months. Legal battle is now the only option. The company must admit its wrongdoing and fulfill its promise now.