Hanjin Group Chairman Cho Won-tae said there will, by no means, be a hike in airfare prices after Korean Air acquires Asiana Airlines. 

Cho made the remark on Tuesday to reporters after attending the 32nd Plenary Meeting of the Korea-U.S. Business Council in Seoul. 

While acknowledging that there could be concerns of monopoly, Cho stressed that there will be no decline in customer convenience and no fare hikes. 

Cho also said the group has no plans to restructure following the acquisition, stressing that he will swiftly meet with labor and management of both carriers to devise ways for co-existence. 

Asked how he plans to deal with a three-party coalition opposing the acquisition, Cho said he has no plan to respond. 

The coalition, comprising the Korea Corporate Governance Improvement Fund, Bando Engineering and Construction and former Korean Air Vice President and his sister Cho Hyun-ah, is in conflict with the Hanjin Group chief over the group’s managerial rights.