​Kookmin Bank and Bucopin Bank of Indonesia handed over 1.6 trillion won

KB Kookmin Bank, which acquired Bucopin Bank, the 20th largest commercial bank in Indonesia, was sued for damages worth 1.6 trillion won by its former largest shareholder.

On the 25th, Kookmin Bank said, “Bosowa Group, the current 2nd largest shareholder of Bucoffin Bank, argued that the acquisition of the management rights of Bucopin Bank by Kookmin Bank was illegal in violation of local laws and regulations in Indonesia, and jointly joined the local Financial Supervisory Service (OJK) The defendant filed a claim for damages.” The amount charged is 1.629.5 billion won.

Earlier, in June of last year, OJK restricted voting rights by saying that Bosowa Group, the existing largest shareholder of Bukopin Bank, had not managed properly, and ordered to sell all of its shares within one year, saying that it was eliminated from the reexamination of controlling shareholders in August.

Kookmin Bank first invested a 22% stake in Bucopin Bank in July 2018, acquired 11.9% through the participation in a paid-in capital increase to shareholders in July of last year, and 33.1% through a paid-in capital increase allocated to a third party in August, taking a total of 67%. I got it. Through this process, the Bosowa Group fell into the second largest shareholder with a 11.6% stake.

Kookmin Bank announced that “it is unlikely that the lawsuit will affect the financial position of Kookmin Bank.” Regarding the billing amount of 1.6 trillion won, he said, “The equity capital of Bukopin Bank is about 8162 billion won as of the end of September last year, which is excessive.”

An official from Kookmin Bank said, “As we obtained the status of controlling shareholder by obtaining OJK approval at the time, we will respond legally after receiving the collection in the future.”