Kumho Petrochemical's 'treasury stock lawsuit' has entered the second round. Former Managing Director Park Chul-Wan, the largest individual shareholder of Kumho Petrochemicals, filed a lawsuit to "invalidate the stock exchange between Kumho Petrochemicals and OCI," and an appeals court trial is set to begin soon. The dispute over the control of Kumho Petrochemicals between Chairman Park Chan-Koo and his nephew, Park Cheol-Wan, former managing director of Kumho Petrochemicals, is reignited.
 
Yoon & Yang, the law firm representing Kumho Petrochemical, submitted a mandate to the Seoul High Court on February 26, and Lin, the law firm representing Park, submitted a mandate to the Seoul High Court in January, and the same lawyers, Hong Won Lee, Jin Woo Jeon, and Jung Min Park, submitted their preparatory documents last month, and there are expectations that the appellate trial will begin sooner rather than later, as both sides have their defense lawyers in place.
 
In recent years, corporate control disputes have become increasingly diverse. While control disputes have traditionally been fought between major shareholders or between major shareholders and management, the recent rise of organized minority shareholders, including activist funds, has added another dimension. Over time, the types of disputes have diversified, ranging from management buyouts to executive demands, making it critical that experienced and seasoned lawyers in each of these specialized areas work together to provide a comprehensive and seamless service.
 
Lin's Management Disputes Team is led by lawyers with extensive experience in M&A and corporate management disputes, and provides comprehensive one-stop services for all legal matters from advice to litigation, including hostile M&A and related disputes, minority shareholder representation lawsuits, and disputes related to shareholder meetings and board resolutions, so if you need professional advice, please contact Lin's Management Disputes Team at (02) 3477-3003.
 
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- Source: The Korea Economic Daily
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