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[Alpha Biz=(Chicago) Reporter Kim Jisun] Singapore-based activist fund Flashlight Capital Partners (FCP) launched a 1 trillion won lawsuit against KT & G and pressed it to disclose whether it is possible to return 1.54 trillion won, which has been deposited in the U.S. for a long time.
FCP said on the 30th, "The problem is that KT & G has listed it as if it can recover the full amount in its financial statements even though it is unlikely to recover the full amount of long-term deposits."
The deposit in question is in the escrow fund that I joined in the US. In order to do tobacco business in the United States, money must be deposited in advance in preparation for future lawsuits, totaling 1.54 trillion won in various states.
The deposit will be returned after 25 years. The first payment was made in 2000, and it was deposited annually according to the sales volume. KT & G's counterargument is whether it can reflect the results of future lawsuits in advance.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
