"Request to Ban ShillaJen Protests in Front of Chairman's House" Korea Exchange Injunction Application Dismissed

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jinyoung] The Korea Exchange filed an injunction request with the court to ban small shareholders of SillaJen from holding protests demanding the resumption of trading in front of the chairman's house, but the request was rejected.

According to the legal community on the 3rd, the Seoul Central District Court Civil Division 51 (Presiding Judge Jeon Boseong) dismissed the injunction request filed by the Korea Exchange and Chairman Son Byung-doo against the SillaJen Activist Shareholders Group and the Financial Justice Solidarity, seeking to prohibit assemblies and protests.

These groups held protests over two days, on February 10 and 11, in front of Chairman Son's residence in Seocho-gu, Seoul, urging the withdrawal of SillaJen's delisting.

In response, the Korea Exchange filed the injunction request, stating that "privacy is being violated causing serious damage," and asked to prohibit protests and distribution of leaflets within 500 meters of Chairman Son's residence.

The court stated that the reason for dismissing the request was that the Exchange's demand "excessively restricts rights related to assembly and protest." Since most of the assemblies take place in front of the Korea Exchange in Yeouido, the possibility of protests resuming in front of the residence was considered low.

The Exchange argued that protests could resume after the six-month improvement period granted to SillaJen ends in August this year, but the court deemed it unfair to prohibit protests in advance based on a situation five months later.

SillaJen faced suspension of stock trading and delisting risk due to embezzlement and breach of trust by former and current executives, but on February 18, the Korea Exchange KOSDAQ Market Committee granted a six-month improvement period.