Samyoung ENC Sibling Management Dispute Resurfaces... Eldest Daughter Files Lawsuit to Convene Extraordinary Shareholders' Meeting

On January 7, Hwang Hye-kyung, the eldest daughter of the founder of Samyoung ENC and former inside director, along with two others, filed a lawsuit seeking court approval to convene an extraordinary shareholders' meeting for a change in management control.

Hwang and her group announced that they would propose the dismissal of inside directors Hwang Jae-woo, Kim Jung-chul, and Kim Nam-ho, as well as the dismissal of outside directors Lee Hyung-ryong and Choi Ho-seok, and auditor Choi Seung-min as agenda items for the shareholders' meeting. They also disclosed plans to newly appoint Hwang Hye-kyung, Kang In-sook, Lee Seung-jae, and Yang Hee-uk as inside directors, Moon Seo-yeon and Han Joo-hee as outside directors, and Kim Ki-eung as auditor.

Hwang Hye-kyung, the former inside director included in the shareholders' meeting agenda, is the eldest daughter of Hwang Won, the founder and chairman of Samyoung EMC. After Chairman Hwang Won stepped down from management in 2018, there was a dispute over management control among his eldest son and former CEO Hwang Jae-woo, Hwang Hye-kyung, and son-in-law Lee Seon-gi.

Meanwhile, Samyoung ENC is a company specializing in marine electronic equipment. It has a product portfolio of more than 30 types, including marine communication equipment, navigation equipment, and defense equipment. Last year, the company applied for rehabilitation proceedings and is currently under trading suspension.