Supreme Court rules Korea Zinc's SMC-based restriction of Young Poong's voting rights 'unlawful'
The Supreme Court upheld a lower court ruling that Korea Zinc unlawfully restricted the voting rights of its largest shareholder, Young Poong, in a decision that could affect the fair trade watchdog's ongoing review of the smelter, observers said Monday. In a ruling issued Friday, the Supreme Court upheld the lower court's finding that Sun Metals Corp. (SMC), Korea Zinc's Australian affiliate,…
The Supreme Court ruled that Korea Zinc unlawfully limited the voting rights of its largest shareholder, Young Poong, in a decision with potential implications for the smelter's fair trade investigation, according to observers on Monday. The top court affirmed the lower court's finding that Sun Metals Corp., Korea Zinc's Australian subsidiary, does not meet the criteria to be classified as a subsidiary under Korean law.
The dispute centers on Korea Zinc's utilization of Sun Metals ahead of the extraordinary shareholders' meeting in January 2025. Shortly before the meeting, Sun Metals acquired approximately 10% of Young Poong's shares, leading Korea Zinc to argue that their cross-shareholding relationship enabled them to restrict Young Poong's voting rights during the event.
The court's ruling effectively invalidated the legal foundation for Korea Zinc's action, as Young Poong and MBK Partners stated.
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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