Korea Zinc Rejects Young Poong and MBK Claim That Voting Rights Limits Were Illegal

Korea Zinc has pushed back against claims from Young Poong and MBK Partners that it unlawfully restricted Young Poong’s voting rights at an extraordinary shareholders’ meeting held last January.

The company said the two parties had “distorted and overinterpreted the purport of the Supreme Court’s decision.”

The dispute follows a Supreme Court ruling issued on the 28th. The court maintained the lower court’s conclusion that Sun Metals Corporation, an Australian affiliate of Korea Zinc, did not fall within the definition of a “subsidiary” under Article 369(3) of the Commercial Act.

Korea Zinc’s response centers on how that decision should be understood in relation to the voting-rights restriction. Young Poong and MBK Partners have argued that the restriction was illegal, while Korea Zinc says their interpretation goes beyond the court’s ruling.

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They have distorted and overinterpreted the purport of the Supreme Court’s decision.