Former Kakao CEO Lim Ji-hoon Loses Lawsuit Over '60 Billion Won Performance Bonus'
Former Kakao CEO Lim Ji-hoon filed a lawsuit demanding nearly 60 billion won in performance bonuses from Kakao Ventures (formerly K Cube Ventures) but lost the case.
The Seoul Central District Court Civil Division 46 (Presiding Judge Lee Won-seok) ruled on the 8th to dismiss Lim's claim in the contract money lawsuit against Kakao Ventures, in which he demanded "payment of approximately 59.8 billion won in performance bonuses."
The court stated, "For the performance bonus amendment contract to be valid, a resolution of the shareholders' meeting is required, but since this process was not followed, the plaintiff's claim was not accepted."
Earlier, Lim filed the lawsuit in March last year, claiming that although Kakao Ventures' first fund, the K Cube No.1 Investment Association Fund, was liquidated in October 2021, the promised performance bonuses were not paid in advance. Lim's side argued, "At the beginning of 2015, when the contract was signed, Kakao Ventures was a single-person company wholly owned by former Chairman Kim, so the approval was made through his resolution." When Kakao Ventures was established in March 2012 under the name "K Cube Ventures," former Chairman Kim Beom-su held 100% of the shares. Lim became the company's first CEO and signed a performance bonus contract in early 2015 to receive 70% of the bonuses.
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However, after K Cube Ventures was incorporated into the Kakao group and Lim was appointed CEO of Kakao in August 2015, the contract was changed to "reduce the compensation ratio to 44% but pay the full performance bonus regardless of the length of service." Accordingly, Lim expected to receive performance bonuses in the range of 60 to 80 billion won, but Kakao Ventures withheld payment, citing that the shareholders' meeting and board resolutions were not held at the time of the performance bonus payment agreement in early 2015.
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