Won-sik Hong, Chairman of Namyang Dairy▶ Click here for a larger view
A court decision has been made to ban the exercise of voting rights at the general shareholders’ meeting of the Hong Won-sik family of Namyang Dairy Products Chairman Hong Won-sik, who canceled the contract while trying to hand over the stake to Han & Company (Han & Co), a private equity fund manager.
According to the legal community on the 27th, the Civil Settlement Division 50 of the Seoul Central District Court (Chief Judge Song Kyung-geun) partially cited an application for an injunction to prohibit the exercise of voting rights by Han&Co 19 Co., Ltd.
Accordingly, Chairman Hong, Advisor Lee, and Gun Hong cannot exercise their voting rights in favor of the appointment of three inside directors and one outside director at the extraordinary general meeting of shareholders of Namyang Dairy on the 29th.
The court ordered Han&Co to pay 10 billion won if Chairman Hong and others violated the decision and exercised their voting rights.
The court said, “The closing date of the transaction was fixed at 10 am on July 30, this year under the stock purchase contract of both sides, and the notice of cancellation of the contract by the debtors (Chairman Hong, etc.) judged that
He added, “The purpose of the stock purchase contract of both sides is to secure the management rights of Namyang Dairy Products by the creditors (Han & Co). .
Previously, Chairman Hong signed a stock purchase agreement (SPA) with Han & Co for the stake in Namyang Dairy in May of this year, but on the 1st of last month, Han & Co unjustly interfered in management and violated confidentiality obligations.
Regarding the court’s decision, Namyang Dairy said, “The extraordinary general meeting of shareholders on the 29th proceeded as scheduled, but it became difficult to appoint a new director on the same day due to the lack of a quorum. protested
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