Mason Capital "Accepts Proposal from Former CEO Kang's Side... Will Garner Support from Shareholders"

[Asia Economy Reporter Hyunseok Yoo] Mason Capital, which is preparing for its regular shareholders' meeting on the 26th of next month, announced on the 29th that it will submit the shareholder proposal from former CEO Kang Seung-tae's side along with the company's own proposal to the shareholders' meeting.

Along with this, Mason Capital plans to introduce an Audit Committee system to enhance management transparency and will also submit a proposal to amend the articles of incorporation for this purpose at the shareholders' meeting.

Mason Capital stated that this decision was made following the recent submission of a beneficial shareholder certificate by former CEO Kang Seung-tae's side. The company particularly views the Audit Committee system, which is increasingly being adopted mainly by financial institutions, as essential to strengthen management independence, fairness, and expertise, and plans to seek shareholders' understanding regarding the proposed amendment to the articles of incorporation.

The company said, "There is a circumstance suggesting that the purpose of the dispute is not practical management stability but rather the realization of profits for certain shareholders, as former CEO Kang's side has proposed himself and other former executives as director candidates under the banner of a small shareholders' coalition," but added, "The shareholders' meeting will be held following normal procedures."

Mason Capital's strategy is to attract new management candidates who possess both management capability and expertise, and to gain shareholders' support through continuous capital expansion and strengthening responsible management centered on major shareholders.

Meanwhile, Mason Capital is expected to be designated as a management oversight company after external audits are completed and operating losses are confirmed, marking the fourth consecutive year of deficits. As of last month on the 6th, the largest shareholder, JD Global Asset Partnership, holds 35.55% of shares, while former CEO Kang's side holds 12.04% as of the 11th.