Melpas, Injunction Granted to Suspend Current Management's Duties

[Asia Economy Reporter Jang Hyowon] The court has granted a provisional injunction to suspend the duties of Melpas's current management.

According to industry sources on the 29th, the Suwon District Court Seongnam Branch accepted the provisional injunction application filed by Kang Jeonghun and others against Melpas and four individuals including Lee Junsub.

According to the court's decision, until the final judgment is confirmed, Lee Junsub and others currently listed as representatives cannot execute the duties of CEO, inside director, outside director, or auditor of Melpas. Kang Jeonghun and others who filed the injunction have been appointed as Melpas's interim management.

Earlier in August, Melpas's former major shareholders, including Yeonchang Gagi Co., Ltd., signed a contract to transfer 9,700,172 shares of Melpas to Miltop and others.

Subsequently, on the 7th, a shareholders' meeting was held at Melpas headquarters, where the appointment of Miltop's CEO Kang Jeonghun as Melpas's CEO was approved. However, Lee Junsub and others, who had lent acquisition funds to Miltop and others, held a separate shareholders' meeting and appointed themselves as CEOs.

The court judged that the shareholders' meeting resolution by Kang's side was lawful. It was difficult to accept claims by Lee and others regarding the non-existence of board resolutions, delegation agreements of voting rights, and obstruction of voting rights at the shareholders' meeting.

The court stated, "If some shareholders gathered at a separate location to make a resolution, excluding the remaining minority shareholders from attending, discussing, and exercising voting rights, and ignoring the legally prescribed procedures for convening a shareholders' meeting, it cannot be considered a valid shareholders' meeting resolution."