Korea Zinc Shareholder Meeting Takes a Dramatic Turn

For months, the fight for management control of Korea Zinc, a leading metals producer, between its two founding families seemed headed for a dramatic showdown at a shareholder meeting.But instead of a conclusion, the meeting on Thursday launched what could be a prolonged legal battle after a last-minute stock maneuver by Korea Zinc’s chairman, Yun B.Choi.Mr.

Choi, and his family, took steps on Wednesday to invalidate votes held by Korea Zinc’s largest shareholder, the conglomerate Young Poong, which was seeking to oust him from running the company.It was the latest twist in the bitter monthslong dispute between the Choi and Chang families, whose deceased patriarchs founded Korea Zinc 50 years ago.The Chois currently manage Korea Zinc day to day and the Changs control Young Poong.The feud has become a test of the resilience of South Korea’s powerful family-run conglomerates known as chaebols in the face of Western-style corporate governance.It has the added element of a deep-pocketed private equity firm, Seoul-based MBK Partners, looking to profit from upending the status quo in South Korea.

And Korea Zinc carries a great deal of geopolitical significance, as one of the few major suppliers of metals critical to global supply chains without ties to China.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe....