Samyoung ENC, Minority Shareholder Representatives, and Others File Complaint for 'Forgery of Private Documents'

[Asia Economy Reporter Hyungsoo Park] Samyoung ENC has filed a police complaint against former CEO Hwang Jae-woo for forgery of private documents and obstruction of business.

On the 20th, Samyoung ENC announced, "We are filing complaints and accusations against former CEO Hwang Jae-woo and a total of five others, including minority shareholders, for forgery and use of forged private documents, forgery and use of forged official documents, obstruction of business, and embezzlement."

At the extraordinary general meeting held on the 15th, the agenda to appoint former CEO Hwang Jae-woo, recommended by minority shareholders, was passed. The current management of Samyoung ENC claimed that there were circumstances indicating that the proxy forms for minority shareholders' voting rights were illegally prepared at the extraordinary general meeting. Accordingly, immediately after the extraordinary general meeting, they applied to the court for evidence preservation of the proxy forms.

A Samyoung ENC official said, "Security personnel mobilized by the minority shareholders appeared at the extraordinary general meeting," and added, "On the day of the extraordinary general meeting, the company’s disclosure officer raised concerns about the authenticity of the proxy forms."

The official added, "Among the proxy forms received by the company and the minority shareholders, some overlapped," and "The handwriting on the proxy forms from one shareholder for the company side differed from the handwriting on the proxy forms received by the minority shareholders."

The official also mentioned that some of the minority shareholders’ proxy forms lacked the necessary copies of identification cards required when delegating the proxy.

Samyoung ENC explained, "The original proxy forms from the minority shareholders should be kept by the company or the attorney acting as the inspector, but the minority shareholders took the original proxy forms," and added, "The attorney acting as the inspector has requested the minority shareholders to bring the original proxy forms."

Furthermore, they stated, "The current management cannot recognize the directors and auditors who claim to have been appointed through the extraordinary general meeting with issues of proxy vote forgery," and "We will fight against illegality until the suspicions of proxy vote illegality are clarified."

It is known that attorney Kim Ki-dong is participating as the legal representative for Samyoung ENC’s complaints and accusations. Attorney Kim Ki-dong is from the 21st class of the Judicial Research and Training Institute and, while serving as deputy chief prosecutor of the Special 1st Division at the Seoul Central District Prosecutors’ Office in 2007, handled the BBK stock manipulation case alongside chief prosecutor Choi Jae-kyung and others. In 2016, he was appointed as the inaugural head of the newly established 'Special Investigation Unit on Corruption Crimes' by the Ministry of Justice.