{"id":19558,"date":"2025-03-08T19:53:07","date_gmt":"2025-03-08T19:53:07","guid":{"rendered":"https:\/\/www.hotelsalepage.com\/feed\/cision-pr-newswire\/court-rules-voting-rights-restriction-on-young-poong-as-unlawful\/"},"modified":"2025-03-08T19:53:07","modified_gmt":"2025-03-08T19:53:07","slug":"court-rules-voting-rights-restriction-on-young-poong-as-unlawful","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=19558","title":{"rendered":"Court Rules Voting Rights Restriction on Young Poong as Unlawful"},"content":{"rendered":"\n\n\n
\"\"<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Most Resolutions from Korea Zinc’s Extraordinary Shareholders’ Meeting Suspended\u2026 A Big Win for Young Poong<\/span> and MBK Partners<\/b><\/p>\n

A Green Light for Securing Control Over Korea Zinc<\/b><\/p>\n

SEOUL, South Korea<\/span><\/span>, March 8, 2025<\/span><\/span> \/PRNewswire\/ — The court has ruled that restricting Young Poong’s<\/span> voting rights at Korea Zinc’s extraordinary shareholders’ meeting on January 23<\/span> was unlawful, suspending the effectiveness of most resolutions passed, including the resolution to impose a cap on the number of directors.<\/p>\n

\n<\/div>\n

Furthermore, as Young Poong’s<\/span> voting rights restriction was deemed illegal, the duties of the seven Korea Zinc-nominated directors, who were appointed through a process marred by significant procedural defects, have also been suspended.<\/p>\n

On March 7<\/span>, the Seoul Central District Court’s Civil Division 50 granted Young Poong<\/span> and MBK Partners’ injunction request to suspend the resolutions of Korea Zinc’s extraordinary shareholders’ meeting, ruling that “Under Article 369, Paragraph 3 of the Commercial Act, restricting Young Poong’s<\/span> voting rights in Korea Zinc is unlawful.” The court consequently suspended the effectiveness of the resolutions on:<\/p>\n

Article 1-2: Establishing a cap on the number of directors
Article 1-4: Stock split
Article 1-6: Appointment of the board chair from among outside directors
Article 1-7: Amendment of the dividend record date
Article 1-8: Introduction of quarterly dividends<\/p>\n

Additionally, the seven directors nominated by Korea Zinc have been prohibited from exercising their duties as outside directors.<\/p>\n

With this ruling, while the resolution to amend the articles of incorporation to introduce cumulative voting (Article 1-1) remains effective, the cap on the number of directors (set at 19) has been nullified, and the seven Korea Zinc-nominated directors can no longer perform their duties.<\/p>\n

This decision paves the way for Young Poong<\/span> and MBK Partners, the largest shareholders, to secure control over Korea Zinc.<\/p>\n

Young Poong<\/span> and MBK Partners welcomed the court’s decision to grant the injunction.<\/p>\n

At Korea Zinc’s annual general meeting, expected in late March, a new board of directors will be elected through cumulative voting. Young Poong<\/span> and MBK Partners have already submitted a shareholder proposal nominating 17 director candidates.<\/p>\n

A representative from Young Poong<\/span> and MBK Partners stated, “We will make every effort to restore corporate governance, shareholder value, and corporate value at Korea Zinc through a fair and transparent annual general meeting.”<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n\n\n\n
\"\"<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Most Resolutions from Korea Zinc’s Extraordinary Shareholders’ Meeting Suspended\u2026 A Big Win for Young Poong<\/span> and MBK Partners<\/b><\/p>\n

A Green Light for Securing Control Over Korea Zinc<\/b><\/p>\n

SEOUL, South Korea<\/span><\/span>, March 8, 2025<\/span><\/span> \/PRNewswire\/ — The court has ruled that restricting Young Poong’s<\/span> voting rights at Korea Zinc’s extraordinary shareholders’ meeting on January 23<\/span> was unlawful, suspending the effectiveness of most resolutions passed, including the resolution to impose a cap on the number of directors.<\/p>\n

\n<\/div>\n

Furthermore, as Young Poong’s<\/span> voting rights restriction was deemed illegal, the duties of the seven Korea Zinc-nominated directors, who were appointed through a process marred by significant procedural defects, have also been suspended.<\/p>\n

On March 7<\/span>, the Seoul Central District Court’s Civil Division 50 granted Young Poong<\/span> and MBK Partners’ injunction request to suspend the resolutions of Korea Zinc’s extraordinary shareholders’ meeting, ruling that “Under Article 369, Paragraph 3 of the Commercial Act, restricting Young Poong’s<\/span> voting rights in Korea Zinc is unlawful.” The court consequently suspended the effectiveness of the resolutions on:<\/p>\n

Article 1-2: Establishing a cap on the number of directors
Article 1-4: Stock split
Article 1-6: Appointment of the board chair from among outside directors
Article 1-7: Amendment of the dividend record date
Article 1-8: Introduction of quarterly dividends<\/p>\n

Additionally, the seven directors nominated by Korea Zinc have been prohibited from exercising their duties as outside directors.<\/p>\n

With this ruling, while the resolution to amend the articles of incorporation to introduce cumulative voting (Article 1-1) remains effective, the cap on the number of directors (set at 19) has been nullified, and the seven Korea Zinc-nominated directors can no longer perform their duties.<\/p>\n

This decision paves the way for Young Poong<\/span> and MBK Partners, the largest shareholders, to secure control over Korea Zinc.<\/p>\n

Young Poong<\/span> and MBK Partners welcomed the court’s decision to grant the injunction.<\/p>\n

At Korea Zinc’s annual general meeting, expected in late March, a new board of directors will be elected through cumulative voting. Young Poong<\/span> and MBK Partners have already submitted a shareholder proposal nominating 17 director candidates.<\/p>\n

A representative from Young Poong<\/span> and MBK Partners stated, “We will make every effort to restore corporate governance, shareholder value, and corporate value at Korea Zinc through a fair and transparent annual general meeting.”<\/p>\n

<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[5,7],"tags":[],"class_list":["post-19558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cision-pr-newswire","category-cision-pr-newswire-en"],"_links":{"self":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/19558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19558"}],"version-history":[{"count":0,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/19558\/revisions"}],"wp:attachment":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}