Builders' Directors Face Suit
A minority shareholders group of Hyundai Engineering & Construction Co. is charging six directors of the builder, including President Kim Yoon-kyu, with dereliction of duty, the group said Monday. The shareholders told the Seoul District Court that the directors' transfer of 50.6 million shares to creditors last month as payment for debts constituted a breach of trust."The shares handed over by the directors are valued at 13.2 billion won ($10.1 billion)," said Ha Il-ho of Dyne Partners, the lawyer for the group. "This is a clear act of dereliction." The shares were given to the company by Chung Ju-yung, the late founder of the Hyundai group. The shareholders also threatened to file suit against Hyundai's creditors.
with the Korea JoongAng Daily
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