Top shareholder speaks

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Top shareholder speaks

Park Chul-whan, Kumho Petrochemical senior vice president, middle, attends a press conference at Westin Chosun Hotel in central Seoul on Thursday. Park, the largest shareholder of the company and the nephew of its chairman, said the current board has “failed” to prevent the management from making poor investment decisions and monitor abuses of management . Park proposed the termination of the Kumho Resort acquisition deal and addressing the undervaluation of the company through a change in dividend payout policy. Park said his opposition to the current board is “not a simple matter to be defined as a nephew-uncle feud.” [YONHAP]

Park Chul-whan, Kumho Petrochemical senior vice president, middle, attends a press conference at Westin Chosun Hotel in central Seoul on Thursday. Park, the largest shareholder of the company and the nephew of its chairman, said the current board has “failed” to prevent the management from making poor investment decisions and monitor abuses of management . Park proposed the termination of the Kumho Resort acquisition deal and addressing the undervaluation of the company through a change in dividend payout policy. Park said his opposition to the current board is “not a simple matter to be defined as a nephew-uncle feud.” [YONHAP]

 
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