Young Poong accuses Korea Zinc chairman of 'moral hazard' over friend's embezzlement verdict

Young Poong, the largest shareholder of Korea Zinc, accused Korea Zinc Chairman Choi Yoon-beom Thursday of “moral hazard and breakdown of internal controls” in connection with a court ruling earlier this week against the CEO of a private equity firm in which Korea Zinc invested. The accusation is the latest development in the contentious feud between Young Poong Group, together with its ally MBK Partners, and Korea Zinc, which has spawned a yearlong battle to secure management control of Korea’s largest zinc smelter. “This ruling is not merely about a failed investment — it exposes the moral hazard and breakdown of internal controls under Chairman Choi’s leadership,” Young Poong said in a statement. The statement referred to a guilty verdict handed down on Tuesday by the Seoul Southern District Court against Ji Chang-bae, CEO of private equity firm One Asia Partners. Ji was sentenced to three years in prison with a four-year suspended term for embezzlement, as the court ruled that he misused the company’s fund assets for personal purposes. According to legal sources, the cWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times