The announcement, led by Chief Technology Officer and Vice Chairman Lee Je-joong, comes just a week ahead of a pivotal shareholders’ meeting on Jan. 23, where the fate of the takeover will be decided.
“We strongly oppose the hostile attempt by Young Poong and MBK. If their bid succeeds, we will not work with them,” read a joint statement signed by 15 key technical executives, including Lee.
Lee accused Young Poong and MBK of prioritizing profit over progress, warning that a takeover would derail Korea Zinc’s ambitious projects and result in “tremendous national loss.”
He dismissed MBK's promise of competitive compensation for employees as a "typical private equity play focused solely on short-term gains."
This marks the second public pushback from Korea Zinc's technical leadership. In September 2024, the group voiced concerns that crucial technologies could be transferred overseas if the takeover proceeds.
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