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,…
The Korea Times reports that a Seoul Central District Court has ruled that a resolution passed at Korea Zinc's annual shareholder meeting in March 2025, which restricted the voting rights of Young Poong Corp. and private equity firm MBK Partners Ltd., must be nullified. The two entities had formed an alliance in September 2024 to secure management control of Korea Zinc, the world's largest refined zinc smelter.
Since then, they have jointly exercised their voting rights, leading Korea Zinc Chairman Choi Yun-beom to challenge their takeover bid. The court's decision orders Korea Zinc to revoke the resolution adopted at the March 2025 meeting, stating that the company cannot restrict the voting rights of existing shareholders by invoking rules governing cross-shareholdings as a means of defending its management control.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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