The Seoul Central District Court rejected the injunction application of former Korean Air vice president Cho Hyun-ah, Bando Construction and KCGI on March 24. The three-party shareholder alliance filed for the injunction on March 3 so that Bando Construction can exercise voting rights on its 8.2 percent stake at the upcoming shareholding meeting.
The alliance filed for another injunction on March 12 to ban the self-insurance of Korean Air and its employee association from exercising voting rights for their 3.7 percent stake. The court rejected this injunction application as well.
This means Bando Construction’s voting rights will be limited and their opponents, led by Hanjin Group chairman Cho Won-tae, are likely to be on the winning side at the shareholder meeting scheduled for March 27. As a result of the court rulings, the opponents can exercise voting rights with 33.45 percent shares at the meeting. The ratio is 28.8 percent in the case of the alliance.