KB Financial Group - Hyundai Securities 'steal stock exchange, shareholders' lawsuit 'Sir'

[Korea goyounghun financial newspaper reporter] KB minority shareholders related to the former Hyundai Securities bargain purchases controversial financial holding hands they gave example of KB Financial Court in the lawsuit filed against executives at the time. However, there are likely to be exploited in future lawsuits asking the executive responsibilities arise.

According to the legal profession and the 21st KB Securities in Seoul Southern District Court Sir scale of 126.1 billion won shareholder representative lawsuit filed against the last 14 days, Hyundai Securities minority shareholders 29 people yungyeongeun current president of KB securities such as time management.

Plaintiffs argue that the sale of the treasury of the old Hyundai Securities executives to steal the KB Financial and filed a damages lawsuit. The court ruled that the plaintiff yirwojyeo exchange between KB Financial and Hyundai Securities Co. have lost the status of the former Hyundai Securities eligibility of shareholders to shareholders derivative suit also lost.

Hyundai Securities Council decided last May to sell 16.7 million shares of treasury stock (7.06%) on KB Financial. Sale price per share is one-third of the amount in KB Financial Group is one of 23,183 won per share, acquired 6410 won also the price should not. They filed a lawsuit against the then board of directors said last September steal short of the average acquisition cost 9,837 won in January. Anin as a vote in favor by the shareholders' meeting is not a side issue KB securities positions.

However, the Court has determined that KB Financial Group due to the stock exchange for the incorporation of a subsidiary KB Securities not eligible to participate as a plaintiff shareholder derivative suit of the former Hyundai Securities. Sir proceedings because it is means that the requirement can not lacks the self can proceed with the lawsuit itself forward this legal interpretation is the expectation regarding outlook will not change significantly.

In this regard, however, the shareholder representative lawsuit asking the responsibility of company management in the future because it can get out of the way of such stock exchange of choice remains controversial. Last year, seven Democrats, with time gimjongin May is one such initiative the information contained amendments to the Commercial Code be disqualified regarding the shareholder derivative suit to recognize the validity of the bar.



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