MBK Partners threatens legal action against Korea Zinc management over 'false' EGM materials
Private equity firm MBK Partners has threatened legal action against Korea Zinc management over what it called “false and misleading” claims about companies in its investment portfolio, escalating the latest fight for control of the zinc smelter ahead of an extraordinary general meeting (EGM). Korea Zinc is due to hold the EGM on Sept. 9, with shareholders set to vote on five outside directors,…
Private equity firm MBK Partners has threatened to take legal action against Korea Zinc management over what they claim are "false and misleading" statements about companies in their investment portfolio. The conflict over control of the zinc smelter is intensifying as the extraordinary general meeting (EGM) approaches on September 9. Shareholders will be voting on five outside directors, including one audit committee member.
MBK Partners, in partnership with Young Poong, is the largest shareholder in the smelter and is attempting to gain control of the board in a contest with Chairman Choi Yun-beom. The private equity firm took issue with the explanatory materials for the meeting posted on Korea Zinc's website by Choi's team. MBK alleges that the company selectively presented and distorted facts about the performance of executives at its portfolio companies.
They demanded that these problematic materials be removed and measures taken to prevent similar claims from being made in the future. MBK Partners warned that it could pursue criminal complaints and other legal action if their demands are not met.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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