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This article was posted on December 2, 2020 at 11:14 am Paid page of the bellIt is an article expressed in
Interest is also drawn against the backdrop of the court’s unexpected rejection of KCGI’s proposed new ban on issuing Hanjin Kal shares. It is also assessed that Senior Vice President Judge Lee Seung-ryun’s decision, who was also in Hamapyeong as a Supreme Court candidate, has special significance.
On the 1st, the 50th Civil Settlement Division of the Seoul Central District Court (President Judge Lee Seung-ryun) rejected the provision of the new ban on issuing Hanjin Kal shares filed by Grace Holdings, a special purpose company of KCGI. The judge explained the reason for the lifting of the interim injunction, saying: “It is difficult to say that Hanjin Kal has issued new shares to achieve the purpose of defending the management or control of the current management.”
Initially, the legal profession weighed on the fact that the KCGI’s application for a temporary injunction is being cited, taking into account the precedents. This is because, in principle, the issuance of new shares accompanied by a change in the equity ratio in the context of disputes over management rights, according to previous precedents. This perspective was fueled by the fact that the judiciary presented the legitimacy and adequacy of Asiana Airlines’ acquisition structure through the serial capital increase of Hanjin Kal and Korean Air as a problem.
However, the court found that Hanjin Kal’s paid-up capital increase has specificity and inevitability. Previously, the 2009 Supreme Court precedent had come to the conclusion that issuing new shares in the context of management rights disputes was illegal, but the existing precedents did not apply to this case, when industrial restructuring and violations occurred. of shareholder profits. The legal community believes that this provisional dismissal will have a significant impact on future management rights disputes.
Legal officials said, “This decision runs counter to the Supreme Court’s case that awarding new shares to a third party to ensure control in 2009 management rights disputes is illegal.” No longer worried about protection? “
At the same time, the industry’s interest in the first vice president of civil affairs judge Lee Seung-ryun of the Seoul Central District Court, who led the decision, is also in a certain atmosphere. It is also analyzed that it would not be easy to reach a decision to overturn the existing precedent by rejecting the temporary injunction in the event of an appeal if Lee had not been in charge of the sentence.
Legal officials explained that the senior manager, who is the 30th bar exam and 20th training center, is among the main judges of the court. As a former Chief Justice of the Supreme Court, Yang Seung-tae held the position of Chief Justice of the Supreme Court and immediately after the inauguration of Kim Myung-soo as Chief Justice of the Supreme Court he was head of the administrative office of the court. In June, the position is assessed to be solid, including being included in the 30 preliminary candidates to succeed former judge Kwon Soon-il.
In the future, Lee’s name will likely appear frequently in corporate injunction cases. Seoul Central District Court is currently receiving dividends from the 51st, 52nd and 60th Civil Departments in addition to the 50th Civil Division, which is Lee’s Chief Judge, who is the Chief Judge. Previously, the 50th Department of Civil Affairs had the experience responsible for the Hanjin Kal trial, such as the cancellation of Hanjin Kal’s voting rights provision by Bando E&C.
Another legal official said, “I think the decision of Senior Vice President Lee Seung-ryun, who has been classified as Hamapyeong Chief Justice candidate, will be more significant internally and externally than other interim rulings.” You will have to worry about it. ”
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