Photo = T'way Airlines

 

 

[Alpha Biz= Kim Jisun] Daemyung Sono Group, currently engaged in a management dispute with T'way Air, has filed an injunction demanding the appointment of new directors and access to the shareholder register ahead of next month's general shareholders' meeting.


On Wednesday, T'way Air disclosed through the Financial Supervisory Service's electronic disclosure system that it had been served with the injunction by Daemyung Sono. According to the filing, Sono International, the group's holding company, submitted the lawsuit to the Daegu District Court on January 31, requesting that the agenda for the upcoming shareholders' meeting include the appointment of new directors.


Daemyung Sono has requested that T'way Air notify shareholders at least two weeks before the meeting about the nomination of nine directors, including two as audit committee members. A Daemyung Sono representative stated, "We submitted a shareholder proposal with the same request to T'way Air, but received no response, prompting us to seek a court ruling."


The proposed board members include Seo Joon-hyuk, Chairman of Daemyung Sono Group; Lee Kwang-soo and Lee Byung-chun, CEOs of Sono International; and Kwon Kwang-soo, CEO of Daemyung Sono Season, as non-executive directors. Also nominated were three executives from Sono International’s Aviation Business Task Force—Lee Sang-yoon, Ahn Woo-jin, and Seo Dong-bin—as internal directors. The group also proposed Kim Jong-duk, former CEO of Woori Investment Bank, and Yeom Yong-pyo, managing director at Yulchon LLC, as outside directors, with the latter two also nominated as audit committee members.


Currently, T'way Air's board has a maximum capacity of 12 members, with seven directors in place. Four of them are set to complete their terms next month, and Daemyung Sono is attempting to replace them with its own candidates, ultimately aiming to gain control of the board and appoint a new CEO.

 

 

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