SK Denies Illegal Activity Amid Allegations of Improper Transactions with Private Equity Fund

Expressing Strong Regret and "Will Use All Means to Correct the Facts"

View of SK Seorin Building, the headquarters of SK Group in Jongno-gu. Photo by Mun Ho-nam munonam@

SK Group expressed regret over media reports raising allegations of improper transactions with a private equity firm during the semiconductor company merger and acquisition (M&A) process.

On the 9th, SK stated, "We strongly regret the SK-related reports aired on SBS 8 o'clock News on the 7th and 8th."

Earlier, SBS reported that SK allegedly provided improper support to Alchemist, a private equity firm, during the acquisition of the semiconductor foundry company K-Fab. The report also mentioned that a person close to Chairman Chey Tae-won serves as an advisor to Alchemist.

In response, SK said, "The report distorted the normal M&A process of member companies such as SK Hynix and maliciously handled the company and its management, seriously damaging their reputation." They added, "SK conducted all transactions mentioned in the broadcast through lawful procedures and reasonable judgment, and did not engage in any acts prohibited by law," and stated that SK explained this to the broadcasting company based on evidence and materials.

SK further stated, "Unfortunately, our position was not sufficiently reflected, causing significant damage to SK's corporate value and reputation," and added, "SK will take all possible measures to restore the trust of stakeholders including members, shareholders, and customers, and will definitely correct the facts."