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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.
Kyobo, Affinity consortium lock horns at ICC arbitration over put option
Posted : 2021-03-16 09:11
By Lee Kyung-min
A five-day hearing in the International Chamber of Commerce (ICC) arbitration between Kyobo Life Insurance Chairman Shin Chang-jae and the company s financial investors ― represented by a consortium led by Affinity Equity Partners, a Hong Kong-based private equity firm ― was concluded, but it will still be at least six months before a decision is made, according to market sources, Sunday.
The five-day hearing from March 15 through 19 ― the second since the first one held last October ― was part of the arbitration process to determine whether the consortium can exercise a put option at nearly double the price Shin is willing to pay, concluding the outcome of a years-long dispute that dates back to 2012. 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 pre-determined price