Cido Shipping Founder Pledges Five Ships to Settle $277m Korean Tax Bill

Cido Shipping founder Hyuk Kwon has pledged five overseas ships as collateral to settle a $277m tax bill in South Korea, bringing a 15-year dispute to a close.

Why it matters. Cido Shipping, a major Asian shipping group, resolves a long-standing tax dispute by pledging ships as collateral, affecting its financial standing and international operations.