Court Approves Application to Appoint Park Cheol-wan as Auditor at Kumho Petrochemical Shareholders' Meeting

The court accepted the application for the appointment of an inspector filed by former executive director Park Cheol-wan, the largest shareholder of Kumho Petrochemical, who argued that the convening procedure and resolution method of the Kumho Petrochemical shareholders' meeting must be examined for legality.

On the 19th, Kumho Petrochemical announced the Seoul Central District Court's decision regarding this matter.

Activist fund Cha Partners Asset Management (Cha Partners) and former executive director Park applied to the court on the 8th to appoint an inspector to verify whether the convening procedure of the Kumho Petrochemical shareholders' meeting, the guarantee of shareholders' speaking rights, the meeting procedures, and the voting procedures were lawful.

The court dismissed Cha Partners' application, stating that although it was proven that Cha Partners holds a status equivalent to a shareholder, it is difficult to recognize it as a shareholder under the Commercial Act who can request the appointment of an inspector.

However, regarding former executive director Park, the court accepted the application, recognizing that he is a shareholder of Kumho Petrochemical and that it is necessary to appoint an inspector to investigate the legality of the convening procedure and resolution method of the shareholders' meeting.

Accordingly, a lawyer appointed by the court will serve as the inspector and examine whether there are any legal issues related to the shareholders' meeting matters requested for investigation by former executive director Park.

The Kumho Petrochemical shareholders' meeting will be held on the 22nd.