Korea Zinc: "Yeongpung's False Claims of 'Contact with Japanese War Criminal Companies' Are Defamation... Legal Action Planned"

"Spreading False Information Through Speculative Rumors"

Korea Zinc announced that it will take legal action against Youngpoong for "spreading false information." Earlier, Youngpoong claimed that Korea Zinc was trying to collaborate with a Japanese war criminal company to block Youngpoong and MBK Partners' acquisition of management rights.

On the 24th, Korea Zinc stated, "Based on speculative reports from some sources, Youngpoong has accused us of contacting and collaborating with war criminal companies and has defamed us. We plan to take strong legal measures against Youngpoong."

On the same day in the morning, Youngpoong released a press statement saying, "According to recent media reports, Chairman Choi recently met with major Japanese general trading companies such as Sumitomo and SoftBank to respond to a public stock tender offer," and "Korea Zinc has falsely framed MBK Partners as 'Chinese capital,' while showing a contradictory attitude by attempting to collaborate with Japan's representative war criminal companies and the Japanese company involved in the controversy over the takeover of management rights of Line Yahoo."

Goryeo Zinc Onsan Smelter. [Photo by Goryeo Zinc]

It added, "Sumitomo is a representative company included in the list of 287 Japanese war criminal companies announced in 2012 by the ‘Committee for Investigation of Forced Mobilization Victims during the Japanese Colonial Period and Support for Overseas Forced Mobilization Victims’ under the Prime Minister's Office," and criticized, "SoftBank is the company that caused controversy by attempting to take control of the management rights of ‘Line Yahoo,’ the Japanese operator of the messenger ‘Line’ developed by Korea's leading IT company Naver."

In response, Korea Zinc said, "Following all kinds of black propaganda and speculative suspicions to succeed in the hostile takeover (M&A) of Korea Zinc, we sternly warn Youngpoong, who has now distributed false and misleading information based on speculative rumors in a press release."