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[Alpha Biz=(Chicago) Reporter Kim Jisun] The court on the 25th rejected an injunction filed by Flashlight Capital Partners (FCP) against KT & G to view and copy the board's minutes of the meeting, saying it would find out the details of its contract with PMI.
KT & G announced that the Daejeon District Court dismissed the injunction filed by FCP in October last year. The reason for the rejection was that "the applicant's application has no reason."
However, it allowed the reading and copying of only some of the accounting books and documents that FCP had filed an injunction to allow them to read along with the minutes of the board of directors.
Earlier, FCP said it needs to look into the normal contract status and risk that KT & G extended its overseas sales contract with PMI from the previous three years to 15 years in January last year, and asked for a copy of accounting books, documents and the minutes of the board of directors on the details of the contract, the profitability of its overseas business, and the details of consulting fees executed from the fourth quarter of last year.
However, KT & G did not disclose the details of the contract, citing the confidentiality clause of the contract.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
