[Alpha Biz=(Chicago) Reporter Paul Lee] Ahead of Korea Zinc's regular shareholders' meeting, Korea Zinc's labor union expressed caution against Youngpoong's involvement amid a war of nerves between the two sides as Youngpoong, the largest shareholder, demanded increased dividends.
The labor union of Korea Zinc said on the 8th that it has issued a statement under the title "Stop shaking Korea Zinc and stick to its corporate management."
"It is well known that Korea Zinc has grown into the world's No. 1 smelter and accounts for an overwhelming portion of the sales of the Youngpoong business group," the union said in a statement. "In the past five years alone, Youngpoong and its owner family have collected as much as 500 billion won in dividends."
"There is no evidence that Youngpoong spent money to improve the working environment and develop the company with the dividend," Korea Zinc's labor union said. "On the contrary, it has been breaking away from accounting chronic deficits, buying stakes in Korea Zinc as dividends and pursuing the owner family's profits."
Korea Zinc plans to hold a shareholders' meeting on the 19th.
Korea Zinc said it would proceed with a dividend of 5,000 won per share, but Youngpoong demanded that dividends be increased because the cash dividend per share (15,000 won) was reduced last year from the previous year (20,000 won).
Alphabiz Reporter Kim SangJin(hoondork1977@alphabiz.co.kr)
