(Reuters) – U.S. hedge fund Elliott Management said on Tuesday Hyundai Motor Group was holding excess capital and that shareholder returns from the Korean automotive group were lagging industry standards.

In a letter to the directors of the group, the fund called for return of excess capital to shareholders, a review of any and all non-core assets and addition of new independent directors to its respective boards.

Elliott Management owns $1.5 billion worth of shares in three Hyundai group companies – Hyundai Motor Co (005380.KS), Kia Motors Corp (000270.KS) and auto-parts maker Hyundai Mobis Co Ltd (012330.KS).

The tussle between the hedge fund and the South Korean conglomerate over a potential revamp has been going on for long.

The fund had in September called for a committee to review its restructuring proposals with other investors and experts, which was rejected by the board.

Elliot said on Tuesday that non-conforming reporting of cash flows is distorting and hiding the group’s true income from operations.

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