China link roils Korea Zinc control battle
(Korea Herald, Mar. 17, 2025) CIC’s stake in MBK fund draws scrutiny as Korea Zinc pushes US-aligned supply chains Korea Zinc headquarters in central Seoul (Newsis) Ahead of Korea Zinc’s March 24 annual shareholders' meeting, scrutiny of China Investment Corp.’s investment in MBK’s Fund VI has resurfaced as the ownership fight between the Young Poong-MBK alliance and Korea Zinc further intensifies. Young Poong, Korea Zinc’s largest shareholder, joined forces with MBK in 2024 to challenge Chairman Choi Yun beom, setting up the current contest for control. With Young Poong and MBK seen as holding the larger stake and Choi relying on friendly shareholders and swing votes, the meeting is shaping up as a pivotal test of who will gain the upper hand. China link clouds Korea Zinc’s US push The CIC controversy centers on indirect exposure through MBK’s financing structure.China’s sovereign wealth fund is a limited partner in MBK’s Fund VI, one of the vehicles used to finance MBK’s campaign for Korea Zinc. MBK says CIC accounts for about 5 percent of the fund, making it one investor in a globally diversified pool of institutional capital rather than a direct Korea Zinc shareholder. Yet, reports that MBK used capital from the fund to repay part of the bridge loan raised for its 2024 tender offer have fueled concern that CIC’s money may have indirectly supported MBK’s push for control. ※ Please refer to the article: China link roils Korea Zinc control battle
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