Taekwang Nixes Auditing Idea
Taekwang Industrial Co. held a meeting of shareholders on Saturday at the company's main office in Jangchung-dong, Seoul, and decided to reject KDMW's suggestion of appointing an outside auditor.KDMW, an investment fund run by Hong Kong-based Overlook Investment, owns 2.9 percent of Taekwang's shares and had been requesting to appoint the attorney for the People's Solidarity for Participatory Democracy, Kim Jin-wood, as the company's outside auditor.
The company president, Lee Ho-jin, said Taekwang will no longer consider canceling its listing.
with the Korea JoongAng Daily
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