Youngpoong Corporation (000670) and MBK Partners challenged a fund investment linked to Korea Zinc Company, Ltd. (010130), Dailian reported Thursday. They alleged that insiders recovered personal investments before the Korea Zinc-backed fund faced possible losses on the same company.
Youngpoong and MBK said the fund invested ₩29 billion in unlisted entertainment company Arc Media. Korea Zinc responded that the investment had never been recorded as a loss and rejected the allegation.
Youngpoong's market capitalisation was ₩0.7 trillion at Friday's close. The disputed fund investment in Arc Media totaled ₩29 billion, according to Youngpoong and MBK.
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| Symbol | Last Price |
|---|---|
| 000670Youngpoong Corporation | ₩39,300 -1.8% |
| 010130Korea Zinc Company, Ltd. | ₩1,222,000 -0.2% |