SEOUL : A South Korean court on Monday rejected a request by Young Poong to temporarily block Korea Zinc from proceeding with its tender offer to buy back shares in the company, pushing shares in the world's biggest zinc refiner to a record high.
Yun B. Choi, Chairman of Korea Zinc's board answers questions from the media during a press conference in Seoul, South Korea, October 4, 2024. Yonhap via REUTERS/ File PhotoSEOUL : A South Korean court on Monday rejected a request by Young Poong to temporarily block Korea Zinc from proceeding with its tender offer to buy back shares in the company, pushing shares in the world's biggest zinc refiner to a record high.
Young Poong had argued to the court that Korea Zinc Chairman Yun B. Choi and two other executives violated fiduciary duties and breached trust through the plan to buy back treasury shares at prices above market value, in a move that would saddle the company with debt but bolster Choi's control. The court said it could not conclude the buyback amounted to breach of trust because Korea Zinc pledged to cancel the treasury shares it acquires under the tender. The court also said there were no legal restrictions on repurchasing treasury shares to solidify management control in South Korea.
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