Court Grants Injunction Prohibiting Agenda Submission at Korea Zinc's Extraordinary General Meeting

MBK Partners and Youngpoong (hereinafter the MBK alliance) filed an injunction against the proposal to introduce a cumulative voting system for the election of directors at the temporary shareholders' meeting of Korea Zinc scheduled for the 23rd, and the court accepted the injunction.

On January 13th, people are entering the headquarters building of Korea Zinc in Jongno-gu, Seoul.

The Seoul Central District Court Civil Division 50 (Chief Judge Kim Sang-hoon) granted Youngpoong's injunction request on the prohibition of agenda submission for the temporary shareholders' meeting against Korea Zinc on the 21st.

This injunction was filed by Youngpoong and MBK Partners to prevent the proposal for the election of directors by cumulative voting, requested by Yumi Development, a de facto family company of Korea Zinc Chairman Choi Yoon-beom, from being submitted as an agenda item at the Korea Zinc temporary shareholders' meeting on the 23rd.

In its ruling, the court stated, "At the time Yumi Development requested cumulative voting, Korea Zinc's articles of incorporation explicitly stipulated that the cumulative voting system would not be applied," and added, "Therefore, this request for cumulative voting violates the provisions of the Commercial Act and cannot be considered a legitimate claim."