Seorin Sangsa Board Meeting Canceled... Korea Zinc Files Court Petition to Convene General Meeting

The battle between Korea Zinc and Young Poong over the management rights of Seorin Corporation has ultimately reached the courts.

According to the business community on the 27th, when the scheduled Seorin Corporation board meeting was canceled that morning, Korea Zinc submitted an application to the Seoul Central District Court for permission to convene an extraordinary general meeting on the same day. Under current commercial law, if a company does not respond to a shareholder's request to convene an extraordinary general meeting, the shareholder can apply to the court for permission to convene the meeting.

Seorin Corporation was scheduled to hold an extraordinary board meeting that morning at the request of Korea Zinc, the largest shareholder. However, three individuals from Young Poong ? Jang Hyung-jin, Young Poong advisor; Jang Se-hwan, co-CEO of Seorin Corporation; and Ryu Hae-pyeong, co-CEO of Seorin Corporation ? were absent, and Choi Chang-geol, honorary chairman of Korea Zinc, also did not attend due to health reasons, resulting in the board meeting not taking place.

Previously, on the 14th, Seorin Corporation also attempted to hold an extraordinary board meeting at Korea Zinc's request, but the meeting was canceled due to failure to meet the quorum requirement.

After two failed attempts to hold the board meeting, Korea Zinc applied to the court for permission to convene the meeting that day. Korea Zinc stated, "According to commercial law, the general meeting must be held within March, but Seorin Corporation has failed to hold even an extraordinary board meeting, let alone a regular general meeting, so as a shareholder, we are urging the convening of the general meeting."

Young Poong's side explained, "Korea Zinc's intention to take control of the board is an attempt to seize management rights of Seorin Corporation. Korea Zinc and Young Poong had originally agreed since last year to split Seorin Corporation by spin-off, but Korea Zinc suddenly cut off communication and is trying to push out Young Poong."

Seorin Corporation's largest shareholder is Korea Zinc, holding 66.7% of shares, but the management rights belong to Young Poong, which holds 33.3% of shares.

However, Korea Zinc, which has been in a management rights dispute with Young Poong, is attempting to secure management rights of Seorin Corporation.

Korea Zinc plans to propose at the extraordinary general meeting the appointment of three new inside directors, including a successor to Honorary Chairman Choi, and the reappointment of Honorary Chairman Choi Chang-geol. If the four Korea Zinc members succeed in entering the board, Korea Zinc will secure a majority of seats and take control of the Seorin Corporation board.