Court Dismisses Suspension Request for YTN Major Shareholder Change Approval

The YTN branch of the National Union of Mediaworkers and the YTN Employee Stock Ownership Association applied for a suspension of execution, claiming that the disposition to change YTN's largest shareholder was unfair, but the court did not accept it.

Press conference of the YTN branch of the National Union of Media Workers. [Image source=Yonhap News]

The Administrative Court of Seoul, Administrative Division 4 (Chief Judge Kim Jeong-jung) on the 7th dismissed the suspension of execution application filed by the YTN branch against the Korea Communications Commission (KCC) regarding the approval disposition for the change of the largest shareholder, and rejected the application filed by the Employee Stock Ownership Association.

Regarding the YTN branch's suspension of execution application, the court stated, "If a legally protected interest is infringed by an administrative disposition, one has the right to file a cancellation lawsuit to receive a judgment," but added, "Even after reviewing the applicant's claims and submitted evidence, it is difficult to see that the disposition in this case infringed on individual, direct, and concrete interests," and thus dismissed the application.

Dismissing means ending the trial without examining the merits when the lawsuit requirements are not met or the claim does not fall within the scope of judgment.

Regarding the Employee Stock Ownership Association's application, the court rejected it, stating, "It is difficult to recognize that there is a risk of irreparable damage due to the disposition in this case or an urgent necessity to suspend the effect of the disposition to prevent such damage."

Previously, in October last year, Eugene ENT was selected as the final successful bidder by acquiring 30.95% (13 million shares) of YTN shares held by KEPCO KDN and Korea Racing Authority.

On February 7, the KCC approved Eugene ENT's application to change YTN's largest shareholder, imposing ten conditions including the appointment of independent outside directors and auditors, and the appointment of broadcasting professional managers.

In response, the YTN branch and the Employee Stock Ownership Association opposed, claiming it was an illegal decision made under the two-person system of the KCC, and filed a main lawsuit and suspension of execution application with the court on the 13th of last month.

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