"Merger-Related Information Must Also Be Transparently Disclosed"
From the left, Kwon Sujeong, Chairperson of the Asiana Airlines Labor Union, Han Yetek, Senior Vice Chairperson of the Asiana Airlines Pilots Labor Union, Nam Junyoung, Lawyer at Inseong Law Firm
The Asiana Airlines Pilots Union has filed an injunction request to nullify the board resolution approving the sale of Asiana Airlines' cargo division. They oppose the merger between Korean Air and Asiana Airlines. Additionally, they have demanded the disclosure of the integration plan submitted by Korean Air and approved by the Korea Development Bank.
On the 28th, the Asiana Airlines Pilots Union applied to the Seoul Southern District Court for a provisional injunction to suspend the effectiveness of the board resolution approving the sale of the cargo division, dated November 2 of last year, in relation to the merger between Korean Air and Asiana Airlines.
At that time, one of the outside directors on Asiana Airlines' board was affiliated with the law firm advising Korean Air on the merger, raising unresolved conflict of interest issues.
One of Asiana Airlines' outside directors at the time, Advisor Yoon Chang-beon, was a lawyer at Kim & Chang law firm. Kim & Chang provided advisory services to Korean Air for the approval of the merger between Korean Air and Asiana Airlines. Therefore, there is a possibility that Advisor Yoon favored Korean Air's interests, making his exercise of voting rights inappropriate and rendering the board resolution invalid, according to the claim.
On the same day, the Asiana Airlines Pilots Union and the Asiana Airlines Labor Union also filed an administrative appeal at the Seoul Administrative Court demanding the disclosure of the integration plan (PMI) submitted by Korean Air and approved by the Korea Development Bank.
They had previously requested information disclosure multiple times from the Korea Development Bank, the Fair Trade Commission, and other related agencies, but disclosure was refused on grounds such as "private contract data of a private company" or "containing information that could affect the future stock prices of Korean Air, Asiana Airlines, and related affiliates."
However, since this merger is led by the government with collaboration from related agencies and involves massive government funding through the Korea Development Bank, and because the merger of the two major national airlines significantly impacts the nation and its citizens, they argue that the process must be transparently disclosed.
Furthermore, the PMI, which contains detailed plans regarding the employment and treatment of various employees of both companies, must be disclosed to ensure the "complete employment maintenance without artificial restructuring" pledged by Chairman Cho Won-tae of Korean Air.
Going forward, the Asiana Airlines Pilots Union and the Asiana Airlines Labor Union plan to legally challenge the forced succession of employment relationships for cargo pilots, maintenance staff, and general employees who are scheduled to be forcibly transferred to Air Incheon.
In addition to the legal issues currently raised or to be raised, they plan to compile concerns regarding Korean Air's recent additional support of two B777 aircraft and personnel such as pilots and maintenance staff to T'way Air, and submit these to the European Commission (EC), requesting that these issues be reflected in the final review of the merger between the two companies.
From the left, Kwon Sujeong, Chairperson of the Asiana Airlines Labor Union, Han Yetek, Senior Vice Chairperson of the Asiana Airlines Pilots Labor Union, Nam Junyoung, Lawyer at Inseong Law Firm
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