Hyundai Elijah Schmidler Declares ISD Against Korean Government | Company | News

Swiss Schindler, the world's second largest elevator manufacturer, has announced plans to issue an ISD of 300 billion won to the Korean government.

On April 19, a government official said: "Schindler has been running the Korean government since March" I asked for a dispute consultation for the ISD and I recently submitted an intention to do so. The government also chooses a law firm to respond. "

The second largest shareholder, Schindler, holds a 15.87% stake in Hyundai Elevator and the Hyundai group will issue a rights offering. that Hyundai Group performed between 2013 and 2015 It is said that it is a problem. It is illegal for the financial monitoring service to repair it, even though the rights offering at the time was aimed at defending management rights. The government hopes that the capital increase will not lead to the ISD through a consultation between the Hyundai Hyundai Elevator group chairman and Schindler.

Schindler is in talks with South Korea and the European Free Trade Association (EFTA) on a Free Trade Agreement (FTA), with the cost of repairs increasing due to the possibility of an increase. a loss of 5,000 trillion won

There is a conflict with the Hyundai group, which has been in existence for seven years since 2011, in the context of Schindler's investor-to-interstate (ISD) dispute. Schindler has filed five lawsuits against the Hyundai group and one is pending.

Schindler began investing in Hyundai Elevator, which is the No. 1 elevator in Korea, as Hyundai Group's "white lieutenant". The participation has steadily increased to 34% in 2014.

However, the relationship between the two companies began to creak in 2011. In order to obtain management information for 2011, Schindler brought a lawsuit for "having requested permission to read the minutes of the board of directors". Administration "and" have requested the rejection of the accounting books ". In the business world, Schindler sees a "hostile M & A" on Hyundai Elevator. In 2013, Hyundai Elevator filed a rights offering of 96.9 billion won for the new issue of shares, stating: "The shareholder (Hyun Jung-eun, chairman of the Hyundai Group).

Since then, the Supreme Court of Suwon District Court has ruled that "the certificate of the general public offer is not a violation of the law and is not a fairly unjust issue. . "

After 2014, 190 billion won As the second largest shareholder of the rights offering. This is the moment for the ISD. Schindler said: "The law requires that the rights offering be directed to the new business and operating funds of the company, but the rights offering in 2013-2015 was aimed at strengthening management rights. At that time, the Financial Supervisory Service

In 2014, Schindler brought a lawsuit of 718 billion won against leaders, including President Hyun Jeong-eun. The company and its shareholders have suffered damage from the underlying badet derivatives of Hyundai Merchant Marine, whose management has invested heavily.

The government is expected to lose $ 5 trillion from Lone Star's ISD, and Elliott and Mason have increased this year. The ISD of 1,000 trillion won rode and emergency repairs were carried out. There is also a lot of badysis that Schindler, who is looking to expand the elevator business in Korea, the third largest elevator market in the world, will find a compromise with Hyundai Elevator rather than its own. address to the government via the ISD.

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