MP Corporation Completely Denies Executive Embezzlement and Fraud Allegations: "Malicious Rumors, Strong Legal Action"

[Asia Economy Reporter Hyunseok Yoo] MP Corporation (MPCO) announced on the 6th that it will strongly respond to the embezzlement and fraud lawsuit filed by Infinium Investment. The company stated that it will take all legal measures, including requesting investigations from relevant authorities, against acts that damage minority shareholders and corporate value due to false claims and malicious rumor spreading.

MPCO has already submitted all evidence proving that the investment funds were not used for embezzlement or fraud by the management to the police station.

According to the company, the 8.2 billion KRW, including the 1.2 billion KRW advance payment received from HumanN and the 7 billion KRW convertible bond investment, was all used for the promotion of the CoviVac vaccine project with the consent of both parties. Additionally, the 5 billion KRW paid by the Pan Asia Bio No.1 Fund is unrelated to both MPCO and the CoviVac project, the company explained.

A company official said, “While it is true that Infinium Investment has filed a lawsuit against some executives as reported by the media, all related claims are false,” adding, “The investment funds were used with mutual consent for operations and contract payments related to the CoviVac technology transfer, and we will not tolerate the damages suffered by minority shareholders due to Infinium’s false claims.”

MPCO also actively refuted Infinium’s claims that there are issues with the promotion of the CoviVac vaccine project. According to the contract with the Russian side, the remaining payment will be made in a lump sum after the completion of one batch (manufacturing unit) of the main production related to the CoviVac vaccine. In particular, MPCO has already secured investment sources for the remaining payment.

A company representative stated, “The promotion of the CoviVac technology transfer and related business is progressing smoothly,” and added, “The contract payment for the exclusive distribution rights of CoviVac has already been fully paid, completing the contract, and the legal due diligence for the technology transfer and joint venture (JVC) establishment is proceeding smoothly and nearing completion.”

He continued, “We have not responded separately to Infinium’s false claims so far, believing that the truth will naturally be revealed once the police investigation results come out, but we will no longer tolerate malicious reports,” adding, “We will strongly respond to prevent further damages to minority shareholders ahead of the shareholders’ meeting.”

Additionally, Connect It Alliance Fund, the current largest shareholder of HumanN, plans to proceed with legal actions including complaints and accusations regarding the actual owners of HumanN and Infinium Investment and illegal acts by some executives.

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