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SK TELECOM PRESSURED TO OUST SK GRP OWNER, CHAIRMAN FROM BOARD.
SEOUL, Feb 2 Asia Pulse - An influential South Korean shareholder rights group submitted a proposal Friday to SK Telecom Co. (KSE:17670), the country's largest cell phone operator, calling for the unseating of both its chairman and SK Group's owner from its board.
The People's Solidarity for Participatory Democracy said in a statement it will bring forward the proposal at the mobile carrier's shareholders meeting in March.
According to the proposal, two of SK Telecom's directors -- Chey Tae-won, the owner of SK Group and chairman of its virtual holding company, SK Corp., and Son Gil-seung, chairman of SK Telecom -- should be ousted from the carrier's board because they are highly likely to make business decisions not in shareholders' interests.
After being freed on bail last September from a three-year prison sentence for cooking books at the group's trading affiliate SK Global, now SK Networks, Chey has returned to his post and is trying to secure management control. Son is currently in prison on suspicions of embezzlement and tax evasion.
SK Group is the country's third-largest family-controlled business conglomerate, or chaebol, after Samsung and LG.
"Since they can always make a decision in defiance of business rationale, the move is a necessary step to bring better corporate governance to SK Telecom," the shareholder rights group said.
The proposal requires shareholders' approval in the March meeting. The shareholder rights group has already secured support from shareholders holding an aggregate 2.1 percent stake in SK Telecom, which could be sufficient to oust the two directors.
- SK CORP SELLS US$1 BLN OF SK TELECOM SHARES TO PAY DEBTS.
- News wire article from: AsiaPulse News August 3, 2005 700+ words
...their closing price Tuesday. SK Corp. holds a 21.5-percent interest in SK Telecom. On Monday, SK Corp. said it plans to pay $1...that could be converted into SK Telecom shares. The debt holders had...
- SK Corp. sells US$1 bln of SK Telecom shares to pay debts.
- News wire article from: YON - Yonhap News Agency of Korea August 3, 2005 700+ words
...their closing price Tuesday. SK Corp. holds a 21.5-percent interest in SK Telecom. On Monday, SK Corp. said it plans to pay $1...that could be converted into SK Telecom shares. The debt holders had...
- SK CORP. TO REDEEM BONDS EXCHANGEABLE TO SK TELECOM SHARES.
- News wire article from: AsiaPulse News August 2, 2005 700+ words
...Aug 2 Asia Pulse - SK Corp., South Korea...exchangeable to SK Telecom Co. (KSE:017670...convertible bonds to SK Telecom shares demanded...For the payment, SK Corp. will sell 47...to 5.3 million SK Telecom common shares...
- SK Corp. to redeem bonds exchangeable to SK Telecom shares.
- News wire article from: YON - Yonhap News Agency of Korea August 1, 2005 700+ words
...1 (Yonhap) -- SK Corp., South Korea...exchangeable to SK Telecom Co. shares as investors...convertible bonds to SK Telecom shares demanded...For the payment, SK Corp. will sell 47...to 5.3 million SK Telecom common shares...
- KOREA'S SK TELECOM IN SEARCH OF NEW CHIEF EXECUTIVE.
- News wire article from: AsiaPulse News February 25, 2004 700+ words
...who is also chairman of SK Corp., South Korea's largest...will maintain his grip on SK Telecom. SK Corp. is the largest shareholder...raised that it would force SK Corp. to sell its controlling stake in SK Telecom in order to comply with...
- SK Corp. approves financial bailout of debt-ridden trading affiliate....
- Magazine article from: Chemical Week Young, Ian June 25, 2003 700+ words
...sentences for 3K Group chairman Son Kil-seung and SK Corp. chairman and controlling shareholder Chey Tae...reorganize its 59 businesses around its two largest, SK Corp. and SK Telecom. SK Corp. will have responsibility for all of 3K Group...
- SK TELECOM'S TOP EXECUTIVES TO RESIGN.
- News wire article from: AsiaPulse News February 25, 2004 700+ words
...Feb 25 Asia Pulse - Three top executives of SK Telecom Co. (KSE:017670) have expressed their intent...a nephew of the group's founder, controls SK Telecom through his stake in SK Corp. His resignation will mark the first time that...
- SK Telecom Demands Two Outside Directors Step Down.
- News wire article from: YON - Yonhap News Agency of Korea March 3, 2004 700+ words
...scheduled for March 12, SK Telecom requires the same...won, chairman of SK Corp. and owner of SK...arm of SK Group. SK Telecom, which is 21.47-percent owned by SK Corp., has been in...refiner. Currently, SK Corp. and Sovereign...s management. SK ...
Source: HighBeam Research, SK TELECOM PRESSURED TO OUST SK GRP OWNER, CHAIRMAN FROM BOARD.