Jeju Air's Refusal to Submit List... Eastar Air's General Meeting Fails

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Je-hoon] Eastar Jet's extraordinary general meeting of shareholders was disrupted due to the acquirer Jeju Air's failure to nominate new directors and auditors.

According to the aviation industry on the 26th, Eastar Jet convened an extraordinary general meeting at 9 a.m. at its headquarters in Gangseo-gu, Seoul, but ended the meeting without putting forward proposals to increase the total number of issued shares (from 100 million to 150 million shares) and to appoint new directors and auditors.

This was because Jeju Air, the acquirer, did not submit the list of director and auditor candidates to Eastar Jet. According to the contract, new directors and auditors must be appointed from individuals nominated by Jeju Air, the acquiring party. A Jeju Air official stated, "It is difficult to understand the demand to submit the list of director and auditor candidates when the transaction closing date has not even been confirmed."

Accordingly, Eastar Jet decided to hold another extraordinary general meeting on July 6.

Choi Jong-gu, CEO of Eastar Jet, said to reporters immediately after the meeting, "We will make every effort until the end to ensure that Jeju Air accepts the proposal made by Eastar Holdings regarding unpaid wages and can acquire the company."

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