[Alpha Biz=(Chicago) Reporter Kim Jisun] Taekwang Industrial filed an injunction with the court to seek the suspension of Lotte Home Shopping's board of directors resolution, saying it opposes Lotte Home Shopping's purchase of land and buildings in Yangpyeong-dong, Seoul.

Taekwang Industrial claimed on the 28th that "Lotte Group's recent management crisis played a role in Lotte Homeshopping's plan to push ahead with the purchase of real estate." Taekwang Industrial Co. and its affiliates are the second-largest shareholders of Lotte Home Shopping Co. with a 45 percent stake.

Earlier on the 27th of last month, Lotte Home Shopping decided to purchase the headquarters building and land in Yangpyeong-dong, which had been leased and used by the board of directors, for 203.85 billion won. Taekwang Industry, which attended the board meeting, agreed to the decision to buy real estate but changed its position.

It reportedly voted in favor of Lotte Home Shopping's explanation that it would prepare for the economy by evaluating the value of the building or securing liquidity, but changed its position after opening the results or background of the appraisal. Lotte Holdings owns 64.6% of the building and land in Yangpyeong-dong and Lotte Well Food owns 35.4%. Lotte Home Shopping has rented a building from Lotte Holdings and used it as its headquarters.

"Contrary to Lotte's explanation of 'improving profit and loss by improving the working environment and reducing rental costs', the purchase is aimed at supporting group affiliates such as Lotte Holdings," Taekwang Industrial said. "We asked for the resumption of the purchase plan because purchasing an office building at an excessive price could constitute a 'breach of trust', but we did not withdraw our existing policy."

In this regard, Lotte Home Shopping countered, "The purchase of Lotte Home Shopping's office building was unanimously approved by the board of directors. It was carried out in accordance with due process."

 

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