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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Taekwang Industrial has filed a lawsuit seeking the dismissal of Kim Jae-kyum, deepening its conflict with Lotte Homeshopping.
According to industry sources on June 12, Taekwang Industrial filed the suit with the Seoul Southern District Court on June 10 after failing to pass a motion to remove Kim at an extraordinary shareholders’ meeting.
As the second-largest shareholder with a 45% stake, Taekwang Industrial had previously requested the meeting and proposed Kim’s dismissal, arguing that the company’s management should be held accountable for alleged failures to properly obtain board approval for internal transactions with affiliates of Lotte Group.
However, Lotte Homeshopping maintained that the transactions in question were conducted lawfully as part of normal business operations with Lotte Shopping.
The dismissal motion was ultimately rejected at the shareholders’ meeting due to opposition from Lotte Shopping and other major shareholders.
Taekwang Industrial had earlier indicated it would consider legal action following the vote, signaling the possibility of further escalation in the dispute.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
