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| 서울 마포 상암동 YTN 본사 사옥. (사진=연합뉴스) |
[Alpha Biz=(Chicago) Reporter Paul Lee] The court has rejected an application to suspend the Korea Communications Commission's approval to change YTN's largest shareholder to Eugene Group.
The fourth administration of the Seoul Administrative Court (The senior judge Kim Jung-joong) on the 7th rejected an application to suspend the validity of the approval of the largest shareholder change filed by the YTN branch of the Korean Media Workers' Union and the YTN Employee Stock Ownership Association against the KCC.
"If the interests protected by law are violated, we have the right to file a cancellation suit for judgment," the court said. "Even if we look at the applicant's claims and wish data, it is hard to say that individual, direct or specific interests have been violated by the disposal of the case."
Regarding the rejection of the application by the Employee Stock Ownership Association, he/she then said, "It is difficult to admit that the disposal of the case may cause unrecoverable damage to the applicant or that there is an urgent need to suspend its effect to prevent it."
In October last year, Eugene E&T acquired a 30.95% (13 million shares) stake in YTN held by KEPCO KDN and the Korea Racing Authority, making it the largest shareholder. In February this year, the Korea Communications Commission approved Eugene E&T's application for YTN's largest shareholder change under 10 conditions, including the appointment of independent outside directors and auditors and the appointment of professional broadcasting managers.
In response, the YTN branch and the employee stock ownership association filed a petition with the Seoul Administrative Court to suspend the execution of the largest shareholder change on Feb. 7, calling it an "illegal decision made under the two-member system."
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
