On February 26, Jscopholdings announced that, in relation to the bankruptcy filing submitted by Geumgang No. 1 Fund and Stonehenge Fund, it will actively clarify the facts in court proceedings based on objective evidence.
According to the company, the claims asserted by the applicants involve the return of the down payment and interim payment, as well as penalty charges, all related to a share purchase agreement. However, the company stated that these are one-sided assertions made despite the applicants' failure to fulfill their contractual obligations, and that the existence and scope of the claims, as well as responsibility for the non-performance of the contract, lie heavily with the applicants.
The company explained that, according to its account, Jscopholdings entered into a share purchase agreement with Geumgang No. 1 Fund on April 3 last year, and with Stonehenge Fund on April 8 of the same month, for 500,000 common shares of Carry Co., Ltd. each (a total of 1 million shares).
Jscopholdings stated, "In accordance with the contractual schedule, we received the down payment and interim payment, but no balance was paid at all even after the due date for the balance payment had passed," adding, "Thereafter, we repeatedly sent official letters urging performance of the contract, and, based on the applicants' requests citing their internal circumstances and their promises to perform the contract, we granted extensions of the payment date. For several months, we conducted negotiations taking the applicants' circumstances into consideration."
A company representative said, "Nevertheless, while still failing to fulfill their obligation to pay the balance, the applicants filed for bankruptcy proceedings against us, and we cannot accept the applicants' assertions at all," adding, "This case is not a simple monetary claim dispute; the key issues are the course of contract performance and the reasons for responsibility. Accordingly, we plan to actively explain the case to the court based on objective evidence such as the contract, records of payment received, and sent and received official correspondence."
The company also stated that, separately from these proceedings, Jscopholdings is continuing its normal business activities, and that it plans to provide guidance on relevant matters as soon as key dates, such as the designation of a hearing date, are set in accordance with the court process.
Because there have been cases in which bankruptcy proceedings were initiated amid disputes by taking advantage of the fact that a bankruptcy filing can affect the trading of a listed company, Jscopholdings plans to submit relevant materials to the stock exchange and the court to actively clarify the facts. The company emphasized that this case is clearly supported by objective facts and evidence, such as the applicants, as buyers, failing to pay the balance.
The company representative added, "It is known that, under the relevant regulations, disclosure of a bankruptcy filing may be accompanied by a suspension of trading, but we understand that, in exceptional cases where the stock exchange deems the need to be low, a suspension of trading may not be imposed," and continued, "To date, no trading suspension measure has been taken in relation to this case, and the company will respond faithfully to the procedures in a manner consistent with investor protection and market stability."
The representative went on to say, "To prevent similar damage from recurring, we are reviewing and pursuing all possible legal actions, including civil procedures to verify credit and debt relationships and claims for damages arising from non-performance of the contract. If any illegality is confirmed, such as the dissemination of false information, we will prepare a comprehensive response plan, including the possibility of criminal action."
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