[Alpha Biz= Reporter Kim Jisun] Korea Zinc announced on the 9th that it plans to hold MBK Partners and Young Poong Corporation legally accountable for allegedly spreading false information about the company's potential lending of treasury shares.
MBK and Young Poong had claimed earlier in the day that Korea Zinc might use treasury stock lending to revive voting rights and unfairly bolster Chairman Choi Yoon-beom's management control. While treasury shares do not hold voting rights, lending them to third parties could restore those rights. The two parties also demanded that Korea Zinc immediately cancel the 2,539,726 shares acquired through a tender offer.
Korea Zinc refuted the allegations, arguing that MBK and Young Poong are intentionally spreading falsehoods despite knowing that under the Capital Markets Act, lending or disposing of treasury shares is prohibited for six months after acquisition. Korea Zinc accused the two entities of fabricating non-existent scenarios to tarnish the company’s reputation and presenting them as factual to mislead the public.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
