The complaint centers on accusations that MBK Partners misused confidential information from a 112-page consulting document about Korea Zinc's "Troika Drive" strategy and corporate value forecasts, which was provided during an investment review two years ago.
"We suspect MBK Partners has compromised market stability and trading order by utilizing undisclosed information for hostile M&A purposes," Korea Zinc said.
Seoul-based MBK Partners has denied the allegations, emphasizing that its buyout division, which is currently attempting to acquire Korea Zinc, operates independently.
"The NDA period ended in May this year, and (the takeover announcement) came after that," Kim Kwang-il, vice chairman of MBK Partners, said at a press conference on Dec. 10. "I don't understand why they keep raising issues when there is no connection."
The private equity firm called Korea Zinc's claims "groundless," saying its buyout division "has never seen or read the consulting paper about the Troika Drive, nor were we aware of such paper until Korea Zinc made these allegations."
The complaint comes amid battle for management control over the world's largest zinc smelter, with Young Poong, the largest shareholder of Korea Zinc, and its ally MBK Partners trying to take over Korea Zinc.
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