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Photo courtesy of IGIS Asset Management |
[Alpha Biz= Paul Lee] SEOUL, Dec. 9 — The acquisition battle for IGIS Asset Management, the largest real estate asset manager in Korea, has escalated into a legal dispute. One of the bidders has publicly challenged the fairness of the bidding process, directly criticizing the sale manager and announcing plans for legal action.
According to investment banking sources, Heungkuk Life Insurance — a participant in the IGIS Asset Management acquisition — has formally declared that it will pursue legal measures, claiming procedural irregularities in the sale process.
In a statement released on Dec. 9, Heungkuk Life said, “We cannot overlook the deception and unlawful actions demonstrated by the shareholder representative and the sale manager during the bidding process. We will take all necessary steps, including legal action, to rectify the flawed procedures.”
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
