Korea Zinc loses court battle over curbs on Young Poong's voting rights
A court ruled Thursday that a resolution passed at Korea Zinc's annual shareholder meeting last year that restricted the voting rights of Young Poong Corp. and private equity firm MBK Partners Ltd. must be nullified. Young Poong and MBK formed an alliance under an agreement signed in September 2024 to secure management control of Korea Zinc, the world's largest refined zinc smelter. Since then,…
A Seoul court has ruled that Korea Zinc must overturn a decision limiting voting rights for Young Poong Corp. and private equity firm MBK Partners Ltd. The formation of an alliance between Young Poong and MBK in September 2024, aiming to gain control over Korea Zinc, led to joint voting rights. This prompted Korea Zinc's Chairman, Choi Yun-beom, to fight a lengthy battle to prevent their takeover.
The Seoul Central District Court ordered the revocation of the March 2025 shareholder resolution adopted by Korea Zinc, stating they cannot limit voting rights of existing shareholders using cross-shareholding rules to defend management control.
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