 |
Photo: Dongsung Pharmaceutical |
[Alpha Biz= Kim Jisun] South Korea’s Supreme Court has dismissed an objection filed by Brand Refactoring, the largest shareholder of Dongsung Pharmaceutical, effectively confirming the legality and validity of the company’s court-led rehabilitation process.
According to industry sources on March 17, the Supreme Court rejected the appeal on the grounds that it was “clearly without merit,” issuing a dismissal without full review under the Act on Special Cases Concerning the Procedure for Appeals. The decision was made unanimously by the justices.
Brand Refactoring had challenged the lower court’s decision to commence rehabilitation proceedings, but the Supreme Court’s ruling brings the legal dispute to a close.
Dongsung Pharmaceutical said the ruling is expected to serve as an important benchmark supporting the legitimacy of the rehabilitation plan proposed by the co-administrators, particularly ahead of the stakeholders’ meeting scheduled for March 18.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
