Korea Zinc-backed activist platform accused of using major firms to attack Young Poong

ACT, a platform presenting itself as representing minority shareholders, received financial support from Korea Zinc and deliberately targeted other major listed companies to justify an attack on Young Poong, which has teamed up with private equity firm MBK Partners in a dispute over the zinc smelter’s management rights, Young Poong claimed Wednesday. The company called ACT’s actions “market-disrupting” and urged prompt intervention from financial authorities. Young Poong cited an ACT report from Feb. 11 this year that showed the platform had carried out a project targeting companies unrelated to the management dispute, such as Emart and Lotte Shopping. Under the project, the platform planned to submit shareholder proposals, including the adoption of cumulative voting suggested by Young Poong Precision (now KZ Precision), controlled by Korea Zinc Chairman Choi Yun-beom. The report also included plans to send shareholder letters to 20 major firms, including Samsung Electronics, Naver and Hyundai Motor, calling for the adoption of cumulative voting. Through this strategy, accordingWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times