Mason Capital "Will Firmly Respond to Management Rights Dispute"

[Asia Economy Reporter Hyunseok Yoo] Mason Capital, a specialized credit finance company, announced on the 21st that it will firmly respond to the management rights dispute raised by the minority shareholder coalition. It also urged the former management, who caused poor management, to stop all acts that damage corporate value by spreading false management information.

Mason Capital stated, "Over the past three years, the management, including former CEO Kang Seung-tae, recorded a massive operating loss of 15.1 billion KRW due to non-performing loans and poor asset acquisition activities, yet instead of showing remorse, they are attempting to seize management rights by leading the minority shareholder coalition. If such actions continue, the company will inevitably take legal action."

Mason Capital explained, "In particular, the minority shareholder coalition's attempt to submit an agenda at the regular shareholders' meeting in June to appoint former CEO Kang Seung-tae and other former management responsible for poor management as directors is nothing more than distrust of the largest shareholder who voluntarily implemented a five-year lock-up following the 2017 delisting eligibility review and an attempt to exempt themselves from responsibility for poor management over the past three years. Their intentions can only be seen as very malicious."

The company also stated that these recent attacks led by the minority shareholder coalition are pouring cold water on the company's efforts to enhance shareholder value. Especially, it does not help at all in normalizing management, and shareholders are urged not to be misled by the former management's attempt to seize management rights under the guise of a minority shareholder movement.

The company is making efforts to normalize management and secure operating funds, and plans to overcome the former management's poor management through continuous capital expansion and invite new financial experts to focus on the core business of a specialized credit finance company.

Meanwhile, JD Global Asset Union, the largest shareholder of Mason Capital, holds 35.55% of shares as of the 6th of last month, and the minority shareholder coalition holds 12.04% of shares as of the 11th.

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