Hannuri Law Firm Plans to file a shareholder representative suit against Park Chan-Goo, a former president of Kumho Petrochemical, for receiving over 15.5 billion won from his illegal employment
Hannuri Law Firm Plans to file a shareholder representative suit against Park Chan-Goo, a former president of Kumho Petrochemical, for receiving over 15.5 billion won from his illegal employment
Hannuri Law Firm(“Hannuri”) is filing a shareholder representative suit on Kumho Petrochemical Former President Park Chan-Goo(“Park”) case, which Park received over 15.5 billion won from his illegal employment, and now recruiting shareholders to join.
Park was sentenced to three years in jail with 5-year-probation for loaning company money of Kumho Petrochemical’s affiliate to his own son without proper examination of effect performance under Act On The Aggravated Punishment Of Specific Economic Crimes(Breach of Trust) and the judgement was final and conclusive. From the day his sentence is determined until two years after the period of the probation, Park was prohibited from being employed by any enterprise having a close relation with the convicted offense such as Kumho Petrochemical. Nevertheless, by exercising his influence on the company, he made its board of directors to make resolution on a ’convocation of a regular meeting of shareholders’ including his ‘executive director appointment’ at the regular shareholders' meeting. After being appointed as an executive director, he made the board of directors resolve on his ‘President appointment’, and then he was re-elected as a president of Kumho Petrochemical on March 29, during the period of the employment restriction.
Since then, Park received salary of 15.5 billion won as a president of Kumho Petrochemical from his first day as a president until his resignation on June 15th, 2021.
Since Park’s illegal employment is an illegality in violation of statutes of employment restriction in Act On The Aggravated Punishment Of Specific Economic Crimes, this has caused huge damage to Kumho Petrochemical who paid Park over 15.5 billion won. Hannuri is planning to file a shareholder representative suit against Park claiming compensation to Kumho Petrochemical for equivalent damages.
A shareholder representative suit is a lawsuit brought by a shareholder on behalf of a corporation, against directors who brought harm to the corporation. Shareholders of listed company who hold more than 0.01% of the total number of issued stocks over six months can request company file a lawsuit against the directors which shall be made in wiring and stating the grounds therefor. If the company fails to file a lawsuit within 30 days from receiving the request, the shareholder can file representative suit. As Kumho Petrochemical’s total number of issued stocks is 33,319,330, participation from the shareholders who have held 3,332 shares over 6 months is needed to file the suit.
Any shareholders who want to join this shareholder representaitive suit on illegal employment of Kumho Petrochemical Former President Park Chan-goo, please contact Hannuri office(☎ 02-537-9500), or visit the online litigation delegation website(https://onlinesosong.com)
