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Photo courtesy of Yonhap News |
[Alpha Biz= Ellie Kim] Korea Zinc and a coalition of Young Poong and MBK Partners have entered a dispute over a court order requiring the submission of internal documents related to One Asia funds.
According to Young Poong and MBK on May 27, the Seoul Central District Court on May 21 ordered Korea Zinc to submit internal documents concerning funds managed by One Asia Partners, including “Korea Growth Fund I” and “Arbitrage Fund I,” as part of an ongoing shareholder derivative lawsuit.
One Asia Partners was reportedly operated by an associate of Korea Zinc Chairman Choi Yun-beom, with Korea Zinc participating as a major investor in the funds. Young Poong and MBK have raised concerns that portions of the fund capital may have flowed into transactions involving Cheongho Comnet, potentially linking corporate and personal investments.
They stated that the court’s decision validates the need to examine the investment process and internal decision-making behind the funds, including potential connections between fund investments and related-party transactions.
Korea Zinc rejected the claims, describing them as speculative and misleading. The company said the court’s document request is a routine procedural step to establish basic facts in litigation and does not imply any wrongdoing.
Korea Zinc also criticized its counterparts for inconsistency, noting that Young Poong has refused similar document disclosure requests in separate proceedings, and accused MBK of prioritizing financial returns over corporate responsibility.
The dispute underscores escalating tensions among stakeholders as legal proceedings continue.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
