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KCGI, an activist private equity fund facing President Cho Won-tae over Hanjin Group management rights, said, “You must not threaten business units and people by taking national infrastructure and jobs hostage. I urged. This is a rebuttal against KCGI’s criticisms of KCGI with the opening of the first KCGI court newspaper on the 24th, the day before the opening of the KCGI’s temporary injunction application.
KCGI pointed out in the press release that “it is difficult to understand that Hanjin Kal, who secured sufficient funds by issuing bonds with 7 trillion won funds, is now difficult to issue loans and bonds as well as capital increase paid to shareholders “. done. KCGI argues that from the beginning there was no willingness to choose possible alternatives other than the capital increase paid by third parties.
As a first phase of the merger, KDB plans to participate in a paid capital increase awarded to Hanjin Kal worth 500 billion won early next month. In this case, KDB will own a 10% stake in Hanjin Kal, becoming the third largest shareholder after the trilateral alliance that includes KCGI and the family of group president Hanjin Cho Won-tae.
The first obstacle to this game is a request for an interim injunction from the tripartite shareholder association led by KCGI CEO Kang Seong-bu, which is asking the court to ban the issuance of new shares. The first hearing will be held on the 25th. A sentence is already expected this week.
KCGI stressed that “regardless of whether they are domestic or foreign, if state-owned banks support industrial protection as a cause, it is consistent with existing law and practices to refrain from management interference by lending funds or acquiring preferred stock without right. of vote “. KCGI explained that the management department of the Hanjin Group, the reorganization of aviation and the rescue of Asiana Airlines are different matters.
KCGI stressed that “the state bank is forced to take over Asiana Airlines on unreasonable terms, mobilizing blood and investing in Hanjin Kal, which is in dispute over management rights, violating the rights of existing shareholders”.
Reporter Kang Kyung-min [email protected]
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