[Asia Economy Reporter Kim Hyung-min] BBQ overturned the first-instance ruling, which had lost the 7.1 billion KRW damages lawsuit against bhc and Chairman Park Hyun-jong, and partially won in the second instance.
The Seoul High Court Civil Division 18 (Presiding Judge Jung Joon-young) ruled on the 13th in the second-instance damages claim lawsuit filed by Genesis BBQ Chairman Yoon Hong-geun and other shareholders against bhc and others, partially in favor of the plaintiffs.
The court ordered bhc to pay BBQ a total of approximately 2.71 billion KRW, including about 2.18 billion KRW, which is 50% of the damages related to the number of planned store openings, and about 530 million KRW, which is 20% of the damages related to the number of planned store closures.
Genesis BBQ acquired bhc in August 2004 and sold it in June 2013 to the US private equity firm The Rohatyn Group for 113 billion KRW. Subsequently, The Rohatyn Group filed a lawsuit against BBQ at the International Chamber of Commerce (ICC) International Court of Arbitration, claiming that BBQ had inflated the number of stores during the 2014 sale negotiations and received a price higher than the actual value, thus constituting a contractual defect. The ICC ordered BBQ to pay 9.6 billion KRW in damages. In response, Chairman Yoon and BBQ shareholders filed a 7.1 billion KRW damages lawsuit, alleging that Chairman Park, who was the global representative of BBQ at the time of the bhc sale, was involved in inflating the number of stores. After leading the bhc sale, Chairman Park moved to bhc along with other officials. Because of this, BBQ had no choice but to bear the damages due to the defects in the bhc sale, and they argued that Chairman Park and others should be held responsible.
The first-instance court dismissed all of BBQ's claims and ruled in favor of bhc, but the second-instance judgment was different.
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