[경향신문 2024.11.05]

Law firm Hanbyul (lead attorney Lee Sung-woo) announced on the 5th that it plans to proceed with a lawsuit for damages against the CEO and directors of Koryo Zinc, who led and participated in the decision to tender offer its shares and increase capital by issuing new shares. The intention is that shareholders who believed and invested in Koryo Zinc's tender offer suffered property damage due to Koryo Zinc's fraudulent transactions.

Article 179 of the Capital Market Act limits the liability for damages to 'those who bought and sold due to violations (fraudulent transactions)'. For this reason, the law firm considers the scope of damages to be investors who acquired shares between the 5th of last month, the day after the tender offer report was filed, and the 29th, the day before the capital increase announcement.

The law firm also plans to consider suing Mirae Asset Securities and KB Securities, which were investigated by the Financial Supervisory Service in connection with the fraudulent trading of Koryo Zinc, once the charges are finalized.

Source: The Korea Times (https://www.khan.co.kr/)