2024-12-31
(AP News, Dec. 31, 2024)
SEOUL, South Korea–(BUSINESS WIRE)–Dec 31, 2024–
Korea Zinc (KRX:010130) has raised concerns about the tactics employed by MBK Partners and Young Poong in their ongoing hostile takeover attempt. Questions are mounting over the intent and timing of their repeated injunction filings, which coincide with critical events, including a 58-day suspension of Young Poong’s smelting operations due to environmental violations. These actions are drawing criticism for allegedly misleading the market and undermining the rights of minority shareholders.
MBK Partners and Young Poong recently filed an injunction to block Korea Zinc’s plan to introduce cumulative voting, a system designed to empower minority shareholders. This marks yet another attempt to obstruct Korea Zinc’s shareholder-friendly measures, despite strong support for these initiatives from minority shareholders, civic organizations, and government bodies.
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