KB Financial "Kookmin Bank Faces Compensation Lawsuit from Bukopin's Second Largest Shareholder"
[Asia Economy Reporter Oh Hyung-gil] KB Financial Group disclosed on the 25th that its subsidiary, Kookmin Bank, has been sued for damages amounting to 1.63 trillion KRW by Indonesia's Bosowa (PT Bosowa Corporindo).
Bosowa is the second-largest shareholder (11.6% stake) of Bukopin Bank, which Kookmin Bank became the largest shareholder (67.0% stake) of through a paid-in capital increase on September 2 last year.
They claim that the paid-in capital increase and Kookmin Bank's acquisition of management rights of Bukopin Bank violated Indonesian local laws and regulations, and have filed a joint lawsuit for damages against the Indonesian Financial Services Authority (Otoritas Jasa Keuangan) and Kookmin Bank.
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Kookmin Bank stated, "We will actively respond in consultation with our legal representatives," adding, "The plaintiff's grounds and claim amount lack basis, and considering Bukopin Bank's equity capital was approximately 816.2 billion KRW as of the end of September 2020, the claim amount is deemed excessive."
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