[Infostock Daily=Reporter Lee Ji-sun] Park Chul-wan began legal proceedings against his uncle, Park Chan-koo, over the control of Kumho Petrochemical. He demanded Park Chan-koo to submit his shareholder proposals, including high dividends, to the regular shareholders'meeting.
Kumho Petrochemical said on the 2nd that it has confirmed that its managing director Park Chul-wan filed an injunction with the Seoul Central District Court on the 25th of last month.
The injunction application is an extension of the feasibility battle between Kumho Petrochemical and Park's shareholder proposal.
In an earlie shareholder proposal, Park demanded a dividend of 11,000 won per common share and 11,100 won per preferred stock.This is seven times higher than the previous year.
Currently, Kumho Petrochemical is considering whether to present the final agenda based on Park's revised proposal.
Kumho Petrochemical explained, "We will respond to Park's actions according to legal procedures.".
Reporter Lee Ji-sun stockmk2020@gmail.com
