Kyobo Life Insurance Chairman Shin Chang-jae giving a speech at an in-house event last month▶ Click here for a larger view
Kyobo Life, whose dispute between Chairman Shin Chang-jae and financial investors intensified, filed a petition requesting an investigation by the financial authorities of Anjin Accounting Firm, which was accused of collusion with financial investors.
Kyobo Life said, “Recently, Deloitte’s Anjin Accounting Firm (hereinafter Anjin Accounting Firm) accused of violating the Chartered Accountants Act and its accountants have been thoroughly investigated by the financial authorities and submitted a petition to the Financial Services Commission and Financial Supervisory Service asking for severe sanctions. “I did” said on the 16th.
Earlier last month, the prosecution of the prosecution in the process of preparing Kyobo Life’s valuation reports by employees of financial investor consortiums such as Affinity Equity Partners (hereinafter referred to as Affinity), IMM PE, Bearing PE, and Singapore Investment Agency, and accountants of Anjin Accounting Firm, He committed a solicitation and charged with violating the Chartered Accountants Act.
Kyobo Life said in the data distributed to the media that day, “Affinity and Anjin Accounting Firm argue that the allegation of conspiracy revealed through the prosecution’s investigation was only a normal process, but the client directly intervened in the evaluation work of the accounting firm where independence should be maintained. “It’s a form of self-acknowledgement of the charges that I did.”
“The behavior of Anjin Accounting Firm, which received an unfair request from a client and received unfair profits, intensified disputes among shareholders, and reduced the management stability and reputation of Kyobo Life.” “It was judged that the ripple effect was also great, and he filed a petition to the financial authorities and made an earnest request for a thorough investigation and severe punishment.”
Kyobo Life Insurance Office Building▶ Click here for a larger view
Anjin Accounting Firm is denying the charges brought by the prosecution.
Anjin Accounting Firm said, “The Anjin Accounting Firm believes that its executives and employees and the corporation have complied with the relevant professional standards,” and said, “We will actively defend against the charges in court.”
Chairman Shin and the affinity consortium are in the process of arbitration by the International Commercial Arbitration Commission (ICC) over a put option (right to sell at a specific price) and shareholder agreement (SHA).
The Affinity Consortium exercised a put option for 49,000 won per share (a total of 212 trillion won) in October 2018 when the deadline promised by the IPO did not come true.
In March last year, Chairman Shin filed a complaint with the prosecution, saying that Anjin Accounting Firm conspired with the affinity consortium and set the exercise price unfairly high.
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