DB HiTek’s Bucheon plant. (Photo courtesy of DB HiTek)

 

 

[Alpha Biz= Paul Lee] Minority shareholders of DB HiTek have filed a petition with South Korea’s Financial Supervisory Service (FSS), calling for a forced disposal order on shares allegedly concealed by DB Group founder Kim Jun-ki.

According to the DB HiTek minority shareholders’ association on March 19, the petition submitted a day earlier requests that the Financial Services Commission (FSC) invoke the Capital Markets Act to order the sale of shares suspected to have been acquired and undisclosed by Kim.

Under the law, authorities may require the disposal of shares within six months if an investor is found to have violated disclosure obligations related to large shareholdings.

The move is seen as a follow-up to shareholder proposals raised at this year’s annual general meeting, with minority shareholders aiming to reduce the influence of founder-aligned stakes ahead of next year’s meeting.

Currently, the largest shareholder and related parties collectively hold a 28.34% stake in DB HiTek.

 

 

 

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