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[Alpha Biz=(Chicago) Reporter Kim Jisun] It has been confirmed that KT & G's board of directors has been embroiled in a KRW 1 trillion lawsuit from a foreign activist hedge fund.
According to the legal and investment banking industry on the 23rd, Flashlight Partners (FCP), a Singapore-based activist hedge fund, sent a complaint to the chairman of the KT & G audit committee on the 10th.
The KT & G audit committee should review FCP's bill and decide whether to file a lawsuit against 21 former and current internal and external directors, including Baek Bok-in, president of KT & G, pointed out by FCP, by the 10th of next month. If the KT & G audit committee does not file a lawsuit against former and current internal and external directors, FCP will file a shareholder representative lawsuit. The value of the lawsuit is the amount of 10.85 million shares converted into the closing price (90,600 won per share) on the 9th.
It is the first time among domestic listed companies to file a lawsuit against an outside director for failing to monitor the expedient use of treasury stocks.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
