Korea Zinc has filed a complaint with the Financial Supervisory Service, claiming that MBK Partners violated a non-disclosure agreement and allegedly used materials previously provided for the purpose of reviewing a new investment in the company to attempt a hostile takeover of Korea Zinc's management rights.
On the 15th, Korea Zinc stated, "We have submitted a petition to the Financial Supervisory Service requesting an investigation and examination regarding MBK Partners' suspected violation of the non-disclosure agreement (NDA)."
Korea Zinc asserted, "MBK is suspected of receiving 112 pages of undisclosed consulting materials from Korea Zinc, including the Troika Drive strategy and projections of Korea Zinc's corporate value, and using this information for a hostile M&A, thereby disrupting market stability and transaction order. A comprehensive investigation and examination of violations of the Capital Markets Act are necessary."
MBK Partners reviewed a new investment in Korea Zinc two years ago. At that time, they received and reviewed materials related to the 'Troika Drive' from Korea Zinc, but ultimately the investment did not proceed. The non-disclosure agreement (NDA) between MBK and Korea Zinc regarding this matter expired in May.
Korea Zinc recently publicly accused MBK Partners of allegedly using internal company materials provided during the investment review to attempt an aggressive acquisition of the company.
MBK Partners has fully denied Korea Zinc's allegations, stating that the 'Special Situations' division, which reviewed the Korea Zinc investment at the time, and the 'Buyout' division, which is currently attempting to acquire Korea Zinc's management rights, operate independently with no information exchange between them.
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