MBK Partners has launched legal action, including a threatened criminal complaint, against Korea Zinc Chairman Choi Yun-beom's camp over what it claims are false statements in agenda explanatory materials distributed ahead of an extraordinary shareholders meeting.
MBK said in a statement on the 20th that it had sent official letters to Chairman Choi and CEO Park Ki-deok demanding the immediate deletion of factually inaccurate content in the agenda materials and the establishment of measures to prevent recurrence. If Korea Zinc fails to comply, MBK said it will file a criminal complaint on charges of spreading false information and defamation.
Korea Zinc posted a 49-page agenda explanatory document on its website ahead of the extraordinary shareholders meeting scheduled for September 9. Eight pages are devoted to a section titled "Concerns over MBK and Young Poong's Management Capability Limits and Governance Damage," with five pages on MBK referencing nine acquired companies by initials rather than full names.
The company receiving the most extensive coverage in the materials is "Company H." The document claims it closed or sold-and-leasebacked approximately 20 stores to repay acquisition financing of 4.3 trillion (approximately $3.1 billion), and issued short-term bonds up until ten days before filing for rehabilitation proceedings.
The remaining eight companies each receive one or two lines of criticism. They include: credit card company "Company L" with 10.5 billion...
MBK Partners has launched legal action, including a threatened criminal complaint, against Korea Zinc Chairman Choi Yun-beom's camp over what it claims are false statements in agenda explanatory m...