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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
Kyobo urges regulator to launch investigation into Anjin
Posted : 2021-02-16 16:19
Updated : 2021-02-16 21:19
Kyobo Life Insurance Chairman Shin Chang-jae delivers a speech during the firm s New Year seminar at its headquarters in Seoul on Jan. 8. Courtesy of Kyobo Life Insurance
By Lee Min-hyung
Kyobo Life Insurance has urged the nation s financial authorities to investigate Deloitte Anjin accountants over their suspicious internal trading with a client ― Hong Kong-based Affinity Equity Partners ― the life insurer said Tuesday.
Kyobo and its financial investor ― an Affinity-led consortium ― are in a months-long legal dispute regarding Anjin s alleged involvement in apparent accounting fraud by manipulating Kyobo s corporate value at the request of the client.