Trial of Anjin accountants, Affinity execs begins

Trial of Anjin accountants, Affinity execs begins
Posted : 2021-04-30 08:43
By Lee Kyung-min
Deloitte Anjin officials denied charges, Thursday, that it had exercised discretion to help inflate the value of put options to be sold by Affinity Equity Partners, a Hong Kong-based private equity firm (PEF), saying prosecutors' claims lacked the logic to indict its accountants.
This is the latest development in the years-long dispute between Kyobo Life Insurance Chairman Shin Chang-jae and the company's financial investors represented by a consortium led by the Hong Kong-based PEF.
The dispute is over whether the consortium can exercise a put option at nearly double the price Shin was willing to pay. A put option is a contract giving the owner the right to sell ― or sell short ― a specified amount of an underlying security at a predetermined price within a specified time frame.

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