Youngpoong Precision "Youngpoong·MBK Fail to Submit Management Cooperation Agreement...Main Lawsuit Filed"

"Misleading by Quietly Withdrawing the Injunction Application"

Yeongpung Precision, affiliated with Choi Yoon-beom, chairman of Korea Zinc, criticized on the 24th that "Yeongpung and MBK Partners are misleading the facts and engaging in distorted media play."

On the same day, Yeongpung and MBK announced that Yeongpung Precision had withdrawn the injunction application to prohibit contract performance previously filed, distributing a statement saying, "Chairman Choi's side is showing a self-contradictory stance by quietly withdrawing the injunction to prohibit the performance of the management cooperation agreement, which was the basis for Yeongpung and MBK's public tender offer for Korea Zinc."

Yeongpung Precision rebutted, saying, "It is a statement issued either intentionally or without proper understanding, despite knowing the legal procedures, the effectiveness of the injunction application, the progress and practical benefits of the main lawsuit, and other legal processes."

They continued, "During the injunction lawsuit process, our company expected the opposing party to cooperate with the litigation procedures, but Yeongpung and MBK did not submit the management cooperation agreement, which was the subject of the trial, thereby nullifying the injunction trial," and pointed out, "'They proceeded with the public tender offer based on the management cooperation agreement, which has serious suspicions of breach of trust, and even repaid the loan between Yeongpung and MBK, which was problematic.'

Yeongpung Precision explained, "The injunction application, which required urgency, was nullified due to the opposing party's failure to submit the management cooperation agreement, causing the trial to stall. Our company is focusing on filing the main lawsuit to hold them accountable to the end."

They added, "We will strictly investigate the illegality of the management cooperation agreement between Yeongpung and MBK, and we will definitely correct the ongoing distortions of facts and slanders, ensuring that appropriate consequences are paid," and further stated, "Korea Zinc also intends to hold accountable to the end regarding the fraudulent unfair transactions, price manipulation, and market disruption suspicions, including the changing of statements during the two injunction applications and the public tender offer price increase process."