Hanp Major Shareholder SLI "Part of Management Activities to Save Hanp"

[Asia Economy Reporter Park Hyungsoo] Former executives of Hanp have decided to take legal action against the current management regarding accusations of breach of trust.

SL Innovations, the major shareholder of Hanp, stated on the 27th that the content disclosed by Hanp management on the 23rd is not a breach of trust.

SL Innovations explained that the loan of 30 billion KRW was secured by a mortgage of 35 billion KRW on Jeju CC in Hanp's name.

They also emphasized that at the time of acquiring Jeju CC, the joint guarantee of 39.8 billion KRW was made when Hanp E&C was a 100% subsidiary of Hanp, asserting that this was a management activity to acquire Jeju CC.

Jeju CC was being auctioned at the level of Jeju Special Self-Governing Province, and if Jeju CC was not acquired, Hanp could suffer losses. Therefore, Hanp provided the joint guarantee and acquired it, explaining the situation at the time of acquisition. SL Innovations clarified that there is no breach of trust issue because the joint guarantee was canceled immediately after acquiring Jeju CC. They added that the issue would be resolved by selling Jeju CC and repaying Hanp's debt.

The former executives of Hanp accused the current management of obstructing business and breach of trust, claiming they interfered with the sale of Jeju CC.

A representative of SL Innovations said, "All of these processes were management activities to save Hanp and were carried out after legal review."

Earlier, Hanp disclosed that on the 23rd, it filed a complaint with the Seoul Eastern District Prosecutors' Office against former CEO Kim and three others for breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.

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