Acquisition of Bucopin Bank in Indonesia, Kookmin Bank is sued for handover litigation of 1.6 trillion wonKB Kookmin Bank said on the 25th that “Bukopin Bank’s two major shareholders (Bosowa Group, Bosowa) argued that Kookmin Bank’s acquisition of Bukopin Bank’s management rights was illegal in violation of local laws and regulations in Indonesia. He announced that he requested compensation for damages as a joint defendant.
He said, “We have requested compensation for financial damages (such as the cost of acquiring stocks) and non-monetary damages (time loss and loss of market trust, etc.), and the amount of the claim is 1.6 trillion won.
The Bosowa Group filed a complaint in Jakarta’s Central Court, demanding a seizure of property and a preliminary injunction decision before final judgment.
Kookmin Bank completes acquisition of Indonesia’s Bukopin Bank▶ Click here for a larger view
Kookmin Bank invested a total of 400 billion won to acquire a 67% stake in Bukopin Bank in August of last year, becoming the largest shareholder, securing management rights.
The Indonesian government, including Luhut Panjaitan, head of the Maritime Investment Coordination Agency, actively attracted and supported KB Kookmin Bank, which was originally the second largest shareholder, to secure management rights to save Bukopin Bank, which is experiencing a liquidity crisis.
The Indonesian Financial Supervisory Service (OJK) ordered that the Bosowa Group, the existing largest shareholder of Bukopin Bank, to sell all of its shares within one year, saying that it restricted voting rights in June of last year and was eliminated from the reexamination of controlling shareholders in August. did.
Kookmin Bank first invested a 22% stake in Bucopin Bank in July 2018, and acquired 11.9% in July of last year through a paid-in capital increase allocated to shareholders, and 33.1% through a paid-in capital increase allocated to a third party in August of the same year, a total of 67%. I got a stake.
Through this process, Bosowa Group has become the second largest shareholder with a 11.6% stake.
KB Kookmin Bank’s first’burn injuries’ for all employees after taking over Bukopin Bank▶ Click here for a larger view
Bosowa Group filed an administrative lawsuit against OJK against the restriction of voting rights and the results of a re-examination of controlling shareholders.
The Jakarta Administrative Court raised the hand of Bosowa Group at the first trial on the 18th of this month.
With the OJK appeal, legal disputes are expected to continue to the Supreme Court for years, and the Bosowa Group also filed a civil suit against Kookmin Bank and OJK.
Kookmin Bank said, “There is no basis for the cause of the lawsuit and the amount charged.” Revealed.
He then announced, “It is difficult to predict the outcome of the lawsuit with certainty at this time, but the possibility that the outcome of the lawsuit will have a significant impact on the financial position of Kookmin Bank is low.”
An official from Kookmin Bank said, “As we obtained the status of controlling shareholder with the approval of the Indonesian Financial Supervisory Service (OJK) at the time, we plan to respond legally after receiving the collection.
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