Yeongpung·MBK "Koryo Ahnyeong General Meeting, Stain on K-Capital Market... Will Take Legal Action"

Choi Yoon-beom, chairman of Korea Zinc, succeeded in defending his management rights at the Korea Zinc regular shareholders' meeting held on the 28th.

In response, Youngpoong and MBK Partners issued a statement after the Korea Zinc regular shareholders' meeting ended, harshly criticizing, "The Korea Zinc shareholders' meeting, where shareholders' basic rights were even deprived due to Chairman Choi Yoon-beom's illegal and unlawful acts, will be recorded in history as a disgrace and a stain on the K-capital market."

The court dismissed the provisional injunction filed by Youngpoong and MBK Partners against Korea Zinc, requesting permission to exercise voting rights at the shareholders' meeting. On the 28th, company officials are proposing access to the Korea Zinc shareholders' meeting scheduled to be held at the Mondrian Hotel in Yongsan-gu, Seoul. This shareholders' meeting is expected to have a high possibility of disruption. 2025.03.28 Photo by Dongju Yoon

Youngpoong and MBK stated, "As we had feared, the meeting was disrupted as Youngpoong's 25% voting rights in Korea Zinc were restricted due to another unlawful act by Chairman Choi Yoon-beom," and emphasized, "Once again, Chairman Choi's side infringed on shareholders' rights by misappropriating company assets for private purposes as if it were nothing."

They expressed their disappointment with the results of this shareholders' meeting, claiming, "All shareholders of Korea Zinc witnessed a situation where shareholders' property and basic rights were repeatedly violated due to the excessive greed of a particular individual at the shareholders' meeting of a listed company, which is one of South Korea's key national industries and has a market capitalization of 15 trillion won."

They added, "We will immediately utilize all possible measures such as appeals and suspension of effectiveness regarding the distorted results of the regular shareholders' meeting caused by the restriction of Youngpoong's voting rights, and seek to correct the distorted shareholders' intentions in court."

On that day, the regular shareholders' meeting ended as a practical victory for Chairman Choi's side, as Youngpoong was unable to exercise voting rights over its 25.4% stake in Korea Zinc.

With the introduction of cumulative voting at the January extraordinary shareholders' meeting and the approval of the amendment to the articles of incorporation limiting the number of directors at this regular shareholders' meeting, it is expected to take considerable time for Youngpoong and MBK to secure a majority on the Korea Zinc board of directors.

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