Korea Zinc (010130) said Monday that South Korea's Supreme Court dismissed most of its appeal against a 2025 injunction that froze resolutions from an extraordinary shareholder meeting, in an August 28 decision its lawyers relayed to the company on August 31.
The court set aside the portion covering eight agenda items, but on procedural grounds: a later ordinary meeting had superseded them and one creditor withdrew that claim on April 15. Every other ground Korea Zinc (010130) raised was rejected, as were cross-appeals by four named individuals.
On the substance the ruling went the other way. The justices found no legal error in the lower court's holding that Sun Metals Corporation, the company's Australian unit, is not similar enough to a Korean stock corporation to be a subsidiary under Commercial Act article 369(3) — the provision Korea Zinc relied on to strip Young Poong of votes in January 2025.
Shares closed Friday at ₩1,375,000, valuing the company at ₩28.70tn (~$20.5bn) and 35.0% below a 52-week high of ₩2,115,000. The stock traded at ₩1,277,000 on Monday afternoon, 7.13% under Friday's close, Joongang Economy News reported.
Korea Zinc has said the decision addresses the scope of article 369(3) and is separate from its present governance structure, Asia Today reported.
A September 9 extraordinary meeting is nine days off. Its third agenda item pits company nominee Baek In-kyu against Park Yoo-kyung, proposed by Young Poong and two allied holders, for an audit-committee independent director seat. Electronic voting opened August 30 and closes 5 p.m. September 8.
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| Symbol | Last Price |
|---|---|
| 010130Korea Zinc Company, Ltd. | ₩1,222,000 -0.2% |