Yujin Group Urges YTN to Submit Director Appointment Proposal at General Meeting... Injunction Application Filed

Yujin Group, as the largest shareholder, proposed a new board of directors composition, but YTN effectively rejected it, claiming that the shareholder's rights were infringed upon, and filed an injunction with the court.

On the 26th, YTN announced through a public disclosure that Yujin ENT Co., Ltd. filed an injunction for agenda submission at the Seoul Western District Court on the 21st against the company. Yujin ENT is a special purpose company established by Yujin Group to acquire YTN shares, having acquired 30.95% of YTN shares from KEPCO KDN and Korea Racing Authority, becoming the largest shareholder.

Yujin Group is seeking a court injunction order to submit a proposal for the appointment of directors at the shareholders' meeting next month. This is because Yujin Group conveyed a plan on the 14th to appoint former YTN executive Kim Baek and YTN international reporter Kim Won-bae as inside directors, but YTN rejected it.

Yujin Group was recognized as the largest shareholder with the highest investment amount in YTN after receiving approval from the Korea Communications Commission on the 7th, but the YTN branch of the Korean Federation of Mediaworkers' Unions claims that there were issues with the KCC's review process and demands the cancellation of the share sale to Yujin Group.

The YTN branch of the Mediaworkers' Union and the YTN employee stock ownership association filed a lawsuit on the 13th at the Seoul Administrative Court seeking cancellation of the approval for the change of the largest shareholder against the KCC, and also applied for a suspension of the approval's effect.

The YTN branch of the Mediaworkers' Union argues that the KCC proceeded with the approval process hastily despite knowing that Yujin Group submitted an inadequate plan. They cited five reasons including omission of review procedures, poor operation of the advisory committee, and violation of approval conditions by Yujin Group, urging the cancellation of the share sale approval.

The injunction hearing is scheduled to be held at 4:40 p.m. on the 27th.

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