Court Grants Injunction to Prohibit Soribada's New Share Issuance

[Asia Economy Reporter Jang Hyowon] The court ruled in favor of Jungbu Corporation, the largest shareholder of Soribada, in the injunction lawsuit filed to prohibit the issuance of new shares.

On the 10th, the Seoul Central District Court ruled to prohibit Soribada's board of directors from issuing 1,998,000 shares resolved on the 2nd until the final judgment on the injunction lawsuit filed by Jungbu Corporation regarding the prohibition of new share issuance.

On the 2nd, Soribada decided on a third-party allotment paid-in capital increase worth 1 billion KRW targeting the former largest shareholder, 'J-Mason.' J-Mason is a corporation with a capital of 210 million KRW, with Oh Jaemyung, chairman of Soribada, registered as an inside director.

Previously, Soribada's largest shareholder changed to Jungbu Corporation in February. Jungbu Corporation acquired a 12.83% stake through a third-party allotment paid-in capital increase worth 8.1 billion KRW. J-Mason's stake decreased to 6.31%.

However, it is claimed that this paid-in capital increase decision was made without the consent of Jungbu Corporation, the largest shareholder. Among the 12 members of Soribada's board, 7 agreed to the capital increase, but the inside directors of Jungbu Corporation, which became the largest shareholder, did not attend.

Accordingly, Jungbu Corporation filed an injunction application to prohibit the issuance of new shares, which the court approved on this day.

Inquiries were made to the current management of Soribada regarding this matter, but no response was given.

Meanwhile, Soribada is also undergoing an injunction lawsuit to suspend the execution of duties of directors, including CEO Son Jihyun and the existing management.

This content was produced with the assistance of AI translation services.