The Minute to Read (Weekend) series provides a quick overview of significant events in Korea from the week, conveniently condensed into a one-minute read. Here’s a recap of what happened this week: June 24-28.
L&F and Mitsubishi Chemical JV stalled over key disagreement
A significant roadblock has emerged in the proposed joint venture (JV) between L&F, a producer of anode materials, and Mitsubishi Chemical, a Japanese producer of cathode materials and electrolytes. Although the companies were on the verge of finalizing a contract to establish the JV, negotiations have now stalled. Reports indicate that the parties could not reach an agreement on several key issues, including financial terms and the proposed collaboration framework.
SK Group discusses restructuring at strategy meeting
SK Group, South Korea’s second-largest conglomerate, will hold a two-day strategy meeting at the SKMS Research Institute in Icheon, Gyeonggi-do, on June 28-29. SK Group is contemplating restructuring its affiliates to bolster its internal strength. The meeting is expected to discuss strategies for enhancing the efficiency of existing businesses and restructuring underperforming ones to free up resources for investment in new ventures.
Lotte Shin Yoo-yeol emerges as key Leader in succession plan
Shin Yoo-yeol (38), the eldest son of Lotte Chairman Shin Dong-bin and Executive Vice President of Lotte Corporation, has been elected to the board of directors of Japan’s Lotte Holdings, which sits at the pinnacle of the group’s governance structure. At the regular shareholders’ meeting of Japan’s Lotte Holdings on June 26, the agenda to appoint Shin Yoo-yeol as an inside director was approved. With this appointment, Shin will now hold executive roles in both the Korean and Japanese holding companies. Industry experts view this move as a significant step in the group’s management succession process.
The governance structure of Lotte Group is hierarchical, starting with Japan’s Kojunsha, followed by Lotte Holdings, Hotel Lotte, Lotte Corporation, and the various affiliates. Lotte Holdings occupies the top position in the governance hierarchy of the Lotte Group in both Korea and Japan.
Webtoon Entertainment soars nearly 10% on Nasdaq debut
On June 27 (local time), Webtoon Entertainment, the parent company of Naver Webtoon, saw nearly a 10% increase in trading on its first day on the New York Stock Exchange (NYSE). On its debut, Webtoon Entertainment (WBTN) closed at $23.0 on the Nasdaq, 9.5% above its IPO price. The day before, the IPO price had been set at $21 per share, the upper end of the expected range. With the IPO price at the top of the range and the stock price rising nearly 10% on its first trading day, Webtoon Entertainment has made a significant impact with its Nasdaq debut.
S. Korean battery factory fire kills 23, mostly foreign nationals
A fire at Aricell, a lithium battery factory in Hwaseong, Gyeonggi-do on June 24 resulted in 31 casualties, including 23 deaths and 8 injuries. Among the deceased, 5 were Korean, and the remaining 18 were foreign workers, including 17 Chinese nationals and 1 Laotian national. The police are currently identifying the victims by comparing and analyzing DNA samples taken from the bodies with DNA from their family members.
Son Heung-min’s father under investigation for alleged child abuse
Son Woong-jung, the father of football player Son Heung-min and the director of the ‘Son Football Academy,’ is under investigation by the prosecution for alleged child abuse against a youth player from the academy. The incident came to light on March 19, when the family of a young player, referred to as C, filed a complaint against Director Son and two coaches, identified as A and B. C’s family claims Director Son used abusive language towards C due to a mistake made during training. They further allege that Coach A struck C’s thigh with a corner kick pole while Coach B repeatedly hit C’s buttocks and calves. In response, Director Son stated, “Many of the complainant’s claims are not true,” adding, “I attempted to resolve the matter amicably, but we couldn’t reach an agreement as they demanded a settlement of several hundred million won.”
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