iamthe walrus
11 hours ago
MORE Kib filing today ( LAST ONES THAT ARE RELEVANT )
NOTE : EPC stands for Engineering, Procurement, and Construction, and it's a contract-based model used in the oil and gas industry to manage the design, procurement, and construction of projects. EPC firms are responsible for the entire project, from exploration to refining and distribution. They provide a single point of contact for the client, which can help reduce risk and streamline the project.
EPC firms are critical to the development of oil and gas infrastructure, and they're often used for large-scale projects that require specialized knowledge and project management. EPC services are used to construct pipelines, refineries, processing plants, and offshore platforms.
Some of the top EPC contractors include:
Petrofac, Larsen & Toubro, SNC-Lavalin, Wood, McDermott, Saipem, NPCC, and WorleyParsons.
The global oil and gas EPC market is expected to reach $64.7 billion by 2027.
Start of the filing ( I gave a definition of EPC because its an important matter in this filing in relation to KIBs business )
III. Management Notes
1. Business Overview
A. Current Status of the Industry
Our company consists of a chemical equipment division that mainly produces heat exchangers.
(1) Characteristics of the Industry
The chemical equipment manufacturing industry is a type of PLANT (refinery, chemical) equipment industry and is closely related to facility investments in the domestic and international petrochemical industries. In the case of the plant industry, it is led by large EPC (Engineering Procurement Construction) companies, and chemical equipment is generally ordered through leading domestic and international engineering companies, and products are manufactured through a custom design for each project. Therefore, in order to ensure smooth project progress, the ordering party prefers a manufacturer with existing transaction history, and since the design of equipment for each project is different, there are limited companies that can carry out business in accordance with customer requirements.
(2) Industry Growth Potential
In the mid- to long-term, demand for energy and petrochemical products is expected to steadily increase due to global GDP growth and population expansion. In particular, oil-producing countries that depend on crude oil exports and have been suffering from growing deficits due to refining and chemically processed finished products are expanding their investments to establish direct processing facilities to secure higher profits and national competitiveness. Accordingly, major countries in the Middle East/Asia/North America are expected to expand investments in new chemical facilities and green hydrogen/green ammonia plants to respond to environmental regulations.
(3) Characteristics of economic fluctuations
The petrochemical industry is closely related to international oil prices, oil consumption/production, and investment plans of major crude oil and gas resource-holding countries, and is also affected by the flow of the petrochemical industry, which has a cyclical nature. In addition, it is closely related to the international situation and the balance of energy demand and supply.
(4) Competitive Factors
Due to the nature of the industry based on steel welding, the industry leadership is shifting similarly to the shipbuilding industry. The industry that started in the United States, then moved to Japan and then to Korea, and recently, competitors from China and India, who are emphasizing low labor costs for basic equipment for general steel grades, are emerging.
However, based on our manufacturing experience through technical partnerships with leading licensors for the production of various products, our company has secured high recognition from domestic and foreign customers based on our own development of special equipment, quality improvement and technological advancement, and unconditional compliance with delivery dates, and we are dedicated to discovering new customers and conducting sales activities for existing customers to secure stable sales.
B. Company Status
(1) Business Overview and Business Division
(a) Business Overview
In the case of our chemical equipment division, due to the impact of COVID-19, which has spread worldwide, the stagnant consumer activity has entered a recovery phase and oil prices have recovered to pre-COVID-19 levels, but the business environment has been limited due to the suspension of petrochemical and LNG projects in the CIS region and the withdrawal of business due to the Ukraine/Russia War.
However, investment in petrochemical plants and oil production facilities led by oil-producing countries and investment in large-scale LNG plants due to the LNG supply imbalance caused by the Ukraine/Russia War are becoming active. In addition, due to the nature of the industry, VENDOR registration for end customers and experience in performing similar construction are important factors in selecting a manufacturer, and our company has an advantage over competitors in these requirements, and based on this, we are actively conducting sales activities to win orders.
In addition to recently winning orders through EPC, we are also gradually expanding sales activities to win orders directly from end users in each country.
(Me) Classification of business sectors subject to disclosure
The company has indicated (1) as the chemical equipment sector that manufactures heat exchangers, etc. as written in the business overview
(2) Market share
In the case of the petrochemical plant sector (chemical equipment sector), it focuses on overseas markets, and the company's market share is a business linked to the overall plant facilities, so the scale is so vast and statistical data is insufficient that it is difficult to express it in arithmetic, making it impossible to make reasonable statistics, but the company estimates that it maintains a top ranking in Korea. In addition, the company has a solid position in the overseas market through approximately 40 years of business experience and external credibility, and is continuously establishing and promoting an order acquisition strategy through dense communication with existing business partners and discovering new business partners, thereby securing stable business partners as well as securing competitiveness and differentiating efforts from other companies to expand orders in overseas markets.
(3) Organizational chart
Image: Organizational chart
Organizational chart
2. Items to be described by purpose of the general shareholders' meeting
? Election of directors
A. Candidate's name, date of birth, recommender, relationship with largest shareholder, whether outside director candidate, etc.
Candidate's name Date of birth Outside director
Whether a candidate
Audit committee member
Whether directors are elected separately
Relationship with largest shareholder Recommender
Kim Seon-gi 60.07.22 Vice N/A N/A Board of Directors
Elbert Michael Yusley 50.01.20 Vice N/A N/A Board of Directors
Lee Jeong-min 72.04.09 Vice N/A N/A Board of Directors
Yoo Yeong-seon 60.05.20 Female N/A N/A Board of Directors
Total (4)
B. Candidate's main occupation, detailed career, transaction history with the relevant corporation for the past 3 years
Candidate's name Main occupation Detailed career Transaction history with the relevant corporation for the past 3 years
Period Contents
Kim Seon-gi The Coretec Group Inc. Chairman 2024 ~ Present
2023 ~ Present
2020 ~ 2023
2019 ~ 2019 The Coretec Group Inc. Chairman
Zaicell Inc. CEO
President, Feast Global Inc.
Vice Chairman, I-Map Asset Management Co., Ltd. Not applicable
Elbert Michael Usley The Coretec Group Inc. CEO 2024 ~ Present
2009 ~ Present
2010 ~ 2020 The Coretec Group Inc. CEO
Chairman, CalErin Group
International Relations Advisor, San Leon Energy Not applicable
Jeongmin Lee The Coretec Group Inc.
General Manager, Accounting, Human Resources, Organization Management Support 2024 ~ Present
2009 ~ 2024 The Coretec Group Inc. Accounting, Human Resources, Organization Management Support
MI Links Vice President None
Yoo Young-sun CFO Vice President, Hapcheon Food Co., Ltd. 2023 ~ Present
2020 ~ 2023
2018 ~ 2019
2009 ~ 2015 CFO Vice President, Hapcheon Food Co., Ltd.
Samtech Vice President
KH Chemical (now 'Cobon') CEO
Hana Bank General Manager, Finance None
D. Whether the candidate has delinquent taxes, is an executive of an insolvent company, or is disqualified under the law
Candidate Name Whether the candidate has delinquent taxes, is an executive of an insolvent company, or is disqualified under the law
Kim Seon-gi None None None None
Elbert Michael Yusley None None None None
Lee Jeong-min None None None None
Yoo Young-sun None None None None
D. Candidate's Job Performance Plan (Limited to the case of appointment as an outside director)
[Candidate Yoo Young-sun]
1. This candidate is aware of the duties of an outside director under the Commercial Act, such as the duty of care and loyalty, duty of reporting, duty of monitoring, duty of mutual business execution monitoring, duty of non-competition, duty of non-self-dealing, and duty of compliance with corporate secrets, and will strictly comply with them.
2. Based on his diverse experience, he will enhance the diversity of the board of directors and perform his independent duties as an outside director by presenting professional opinions and expressing his opinions in the committees within the board of directors, and while representing the interests of shareholders and society, he will resolve major management issues for the long-term growth of the company and maximizing corporate value.
B. Reasons for the Board of Directors' Recommendation of the Candidate
[Candidate Kim Seon-gi]
The candidate was recommended as a candidate because he is judged to be able to sufficiently perform his duties by enhancing the transparency and soundness of management based on his experience and knowledge.
[Candidate Albert Michael Yousley]
This candidate is expected to perform his role as a director well based on his professionalism, job fairness, and ethical responsibility, and the board of directors has recommended him as a candidate because it is judged that he will continuously contribute to the development of the company.
[Candidate Lee Jeong-min]
The candidate is expected to contribute to the major decision-making necessary for our business and the development of the company based on his professional knowledge, and has been recommended as a candidate.
[Candidate Yoo Yeong-seon]
The candidate is expected to contribute to the improvement of corporate value in the mid- to long-term through his outstanding professionalism and broad insight through his abundant knowledge, and has been recommended as a candidate.
Confirmation
Image: Confirmation Certificate Candidate Kim Seon-gi
Confirmation Certificate Candidate Kim Seon-gi
Image: Confirmation Certificate Albert Michael Yousley Hugo
Confirmation Certificate Albert Michael Yousley Hugo
Image: Confirmation Certificate Candidate Yoo Yeong-seon
Confirmation Certificate Candidate Yoo Yeong-seon
Image: Confirmation Certificate Candidate Lee Jeong-min
Confirmation Certificate Candidate Lee Jeong-min
iamthe walrus
11 hours ago
Next filing for KIB
III. Management Notes
1. Business Overview
A. Current Status of the Industry
Our company consists of a chemical equipment division that mainly produces heat exchangers.
(1) Characteristics of the Industry
The chemical equipment manufacturing industry is a type of PLANT (refinery, chemical) equipment industry and is closely related to facility investments in the domestic and international petrochemical industries. In the case of the plant industry, it is led by large EPC (Engineering Procurement Construction) companies, and chemical equipment is generally ordered through leading domestic and international engineering companies, and products are manufactured through a custom design for each project. Therefore, in order to ensure smooth project progress, the ordering party prefers a manufacturer with existing transaction history, and since the design of equipment for each project is different, there are limited companies that can carry out business in accordance with customer requirements.
(2) Industry Growth Potential
In the mid- to long-term, demand for energy and petrochemical products is expected to steadily increase due to global GDP growth and population expansion. In particular, oil-producing countries that depend on crude oil exports and have been suffering from growing deficits due to refining and chemically processed finished products are expanding their investments to establish direct processing facilities to secure higher profits and national competitiveness. Accordingly, major countries in the Middle East/Asia/North America are expected to expand investments in new chemical facilities and green hydrogen/green ammonia plants to respond to environmental regulations.
(3) Characteristics of economic fluctuations
The petrochemical industry is closely related to international oil prices, oil consumption/production, and investment plans of major crude oil and gas resource-holding countries, and is also affected by the flow of the petrochemical industry, which has a cyclical nature. In addition, it is closely related to the international situation and the balance of energy demand and supply.
(4) Competitive Factors
Due to the nature of the industry based on steel welding, the industry leadership is shifting similarly to the shipbuilding industry. The industry that started in the United States, then moved to Japan and then to Korea, and recently, competitors from China and India, who are emphasizing low labor costs for basic equipment for general steel grades, are emerging.
However, based on our manufacturing experience through technical partnerships with leading licensors for the production of various products, our company has secured high recognition from domestic and foreign customers based on our own development of special equipment, quality improvement and technological advancement, and unconditional compliance with delivery dates, and we are dedicated to discovering new customers and conducting sales activities for existing customers to secure stable sales.
B. Company Status
(1) Business Overview and Business Division
(a) Business Overview
In the case of our chemical equipment division, due to the impact of COVID-19, which has spread worldwide, the stagnant consumer activity has entered a recovery phase and oil prices have recovered to pre-COVID-19 levels, but the business environment has been limited due to the suspension of petrochemical and LNG projects in the CIS region and the withdrawal of business due to the Ukraine/Russia War.
However, investment in petrochemical plants and oil production facilities led by oil-producing countries and investment in large-scale LNG plants due to the LNG supply imbalance caused by the Ukraine/Russia War are becoming active. In addition, due to the nature of the industry, VENDOR registration for end customers and experience in performing similar construction are important factors in selecting a manufacturer, and our company has an advantage over competitors in these requirements, and based on this, we are actively conducting sales activities to win orders.
In addition to recently winning orders through EPC, we are also gradually expanding sales activities to win orders directly from end users in each country.
(Me) Classification of business sectors subject to disclosure
The company has indicated (1) as the chemical equipment sector that manufactures heat exchangers, etc. as written in the business overview
(2) Market share
In the case of the petrochemical plant sector (chemical equipment sector), it focuses on overseas markets, and the company's market share is a business linked to the overall plant facilities, so the scale is so vast and statistical data is insufficient that it is difficult to express it in arithmetic, making it impossible to make reasonable statistics, but the company estimates that it maintains a top ranking in Korea. In addition, the company has a solid position in the overseas market through approximately 40 years of business experience and external credibility, and is continuously establishing and promoting an order acquisition strategy through dense communication with existing business partners and discovering new business partners, thereby securing stable business partners as well as securing competitiveness and differentiating efforts from other companies to expand orders in overseas markets.
(3) Organizational chart
Image: Organizational chart
Organizational chart
2. Items to be described by purpose of the general shareholders' meeting
? Election of directors
A. Candidate's name, date of birth, recommender, relationship with largest shareholder, whether outside director candidate, etc.
Candidate's name Date of birth Outside director
Whether a candidate
Audit committee member
Whether directors are elected separately
Relationship with largest shareholder Recommender
Kim Seon-gi 60.07.22 Vice N/A N/A Board of Directors
Elbert Michael Yusley 50.01.20 Vice N/A N/A Board of Directors
Lee Jeong-min 72.04.09 Vice N/A N/A Board of Directors
Yoo Yeong-seon 60.05.20 Female N/A N/A Board of Directors
Total (4)
B. Candidate's main occupation, detailed career, transaction history with the relevant corporation for the past 3 years
Candidate's name Main occupation Detailed career Transaction history with the relevant corporation for the past 3 years
Period Contents
Kim Seon-gi The Coretec Group Inc. Chairman 2024 ~ Present
2023 ~ Present
2020 ~ 2023
2019 ~ 2019 The Coretec Group Inc. Chairman
Zaicell Inc. CEO
President, Feast Global Inc.
Vice Chairman, I-Map Asset Management Co., Ltd. Not applicable
Elbert Michael Usley The Coretec Group Inc. CEO 2024 ~ Present
2009 ~ Present
2010 ~ 2020 The Coretec Group Inc. CEO
Chairman, CalErin Group
International Relations Advisor, San Leon Energy Not applicable
Jeongmin Lee The Coretec Group Inc.
General Manager, Accounting, Human Resources, Organization Management Support 2024 ~ Present
2009 ~ 2024 The Coretec Group Inc. Accounting, Human Resources, Organization Management Support
MI Links Vice President None
Yoo Young-sun CFO Vice President, Hapcheon Food Co., Ltd. 2023 ~ Present
2020 ~ 2023
2018 ~ 2019
2009 ~ 2015 CFO Vice President, Hapcheon Food Co., Ltd.
Samtech Vice President
KH Chemical (now 'Cobon') CEO
Hana Bank General Manager, Finance None
D. Whether the candidate has delinquent taxes, is an executive of an insolvent company, or is disqualified under the law
Candidate Name Whether the candidate has delinquent taxes, is an executive of an insolvent company, or is disqualified under the law
Kim Seon-gi None None None None
Elbert Michael Yusley None None None None
Lee Jeong-min None None None None
Yoo Young-sun None None None None
D. Candidate's Job Performance Plan (Limited to the case of appointment as an outside director)
[Candidate Yoo Young-sun]
1. This candidate is aware of the duties of an outside director under the Commercial Act, such as the duty of care and loyalty, duty of reporting, duty of monitoring, duty of mutual business execution monitoring, duty of non-competition, duty of non-self-dealing, and duty of compliance with corporate secrets, and will strictly comply with them.
2. Based on his diverse experience, he will enhance the diversity of the board of directors and perform his independent duties as an outside director by presenting professional opinions and expressing his opinions in the committees within the board of directors, and while representing the interests of shareholders and society, he will resolve major management issues for the long-term growth of the company and maximizing corporate value.
B. Reasons for the Board of Directors' Recommendation of the Candidate
[Candidate Kim Seon-gi]
The candidate was recommended as a candidate because he is judged to be able to sufficiently perform his duties by enhancing the transparency and soundness of management based on his experience and knowledge.
[Candidate Albert Michael Yousley]
This candidate is expected to perform his role as a director well based on his professionalism, job fairness, and ethical responsibility, and the board of directors has recommended him as a candidate because it is judged that he will continuously contribute to the development of the company.
[Candidate Lee Jeong-min]
The candidate is expected to contribute to the major decision-making necessary for our business and the development of the company based on his professional knowledge, and has been recommended as a candidate.
[Candidate Yoo Yeong-seon]
The candidate is expected to contribute to the improvement of corporate value in the mid- to long-term through his outstanding professionalism and broad insight through his abundant knowledge, and has been recommended as a candidate.
Confirmation
Image: Confirmation Certificate Candidate Kim Seon-gi
Confirmation Certificate Candidate Kim Seon-gi
Image: Confirmation Certificate Albert Michael Yousley Hugo
Confirmation Certificate Albert Michael Yousley Hugo
Image: Confirmation Certificate Candidate Yoo Yeong-seon
Confirmation Certificate Candidate Yoo Yeong-seon
Image: Confirmation Certificate Candidate Lee Jeong-min
Confirmation Certificate Candidate Lee Jeong-min
? Other Notes
Send feedback
iamthe walrus
11 hours ago
Next filing Kib Plug Energy
2. Matters to be recorded by purpose of general shareholders' meeting
? Election of directors
A. Name of candidate, date of birth, recommender, relationship with largest shareholder, whether outside director candidate, etc.
Candidate name Date of birth Outside director
Whether candidate
Member of audit committee
Whether directors are elected separately
Relationship with largest shareholder Recommender
Kim Seon-gi 60.07.22 Vice None None None Board of directors
Elbert Michael Yusley 50.01.20 Vice None None None Board of directors
Lee Jeong-min 72.04.09 Vice None None None Board of directors
Yoo Yeong-seon 60.05.20 Female None None None Board of directors
Total ( 4 ) persons
B. Candidate's main occupation, detailed career, and transaction history with the relevant corporation for the past 3 years
Candidate's name Main occupation Detailed career Transaction history with the relevant corporation for the past 3 years
Period Contents
Kim Seon-gi Chairman of The Coretec Group Inc. 2024 ~ Present
2023 ~ Present
2020 ~ 2023
2019 ~ 2019 Chairman of The Coretec Group Inc.
CEO of Zaicell Inc.
CEO of Fist Global Inc.
Vice Chairman of I-Map Asset Management Co., Ltd. Not applicable
Elbert Michael Yusley CEO of The Coretec Group Inc. 2024 ~ Present
2009 ~ Present
2010 ~ 2020 CEO of The Coretec Group Inc.
Chairman of CalErin Group
International Relations Advisor of San Leon Energy Not applicable
Lee Jeong-min The Coretec Group Inc.
General Manager of Accounting, Human Resources, and Organization Management Support 2024 ~ Present
2009 ~ 2024 The Coretec Group Inc. Accounting, Human Resources, Organization Management Support
MI Links Vice President None
Yoo Young-sun CFO Vice President, Hapcheon Food Co., Ltd. 2023 ~ Present
2020 ~ 2023
2018 ~ 2019
2009 ~ 2015 CFO Vice President, Hapcheon Food Co., Ltd.
Samtech Vice President
KH Chemical (now 'Cobon') CEO
Hana Bank General Manager, Finance None
D. Whether the candidate has delinquent taxes, is an executive of an insolvent company, or is disqualified under the law
Candidate Name Whether the candidate has delinquent taxes, is an executive of an insolvent company, or is disqualified under the law
Kim Seon-gi None None None None
Elbert Michael Yusley None None None None
Lee Jeong-min None None None None
Yoo Young-sun None None None None
D. Candidate's Job Performance Plan (Limited to the case of appointment as an outside director)
[Candidate Yoo Young-sun]
1. This candidate is aware of the duties of an outside director under the Commercial Act, such as the duty of care and loyalty, duty of reporting, duty of monitoring, duty of mutual business execution monitoring, duty of non-competition, duty of non-self-dealing, and duty of compliance with corporate secrets, and will strictly comply with them.
2. Based on his diverse experience, he will enhance the diversity of the board of directors and perform his independent duties as an outside director by presenting professional opinions and expressing his opinions in the committees within the board of directors, and while representing the interests of shareholders and society, he will resolve major management issues for the long-term growth of the company and maximizing corporate value.
B. Reasons for the Board of Directors' Recommendation of the Candidate
[Candidate Kim Seon-gi]
The candidate was recommended as a candidate because he is judged to be able to sufficiently perform his duties by enhancing the transparency and soundness of management based on his experience and knowledge.
[Candidate Albert Michael Yusley]
This candidate is expected to perform his role as a director well based on his professionalism, job fairness, and ethical responsibility, and the board of directors has recommended him as a candidate because it is judged that he will continue to contribute to the development of the company.
[Candidate Lee Jeong-min]
The candidate is expected to contribute to the major decision-making necessary for our business and the development of the company based on his professional knowledge, and has been recommended as a candidate.
[Candidate Yoo Yeong-seon]
The candidate is expected to contribute to the enhancement of corporate value in the mid- to long-term through his outstanding professionalism and broad insight based on his abundant knowledge.
Confirmation
Image: Confirmation of Candidate Kim Seon-gi
Confirmation of Candidate Kim Seon-gi
Image: Confirmation of Candidate Albert Michael Yusley
Confirmation of Candidate Albert Michael Yusley
Send feedback
iamthe walrus
11 hours ago
1. Business Overview
A. Current Status of the Industry
Our company consists of a chemical equipment sector that mainly produces heat exchangers.
(1) Characteristics of the Industry
The chemical equipment manufacturing industry is a type of PLANT (refinery, chemical) equipment industry and is closely related to facility investments in the domestic and international petrochemical industries. In the case of the plant industry, it is led by large EPC (Engineering Procurement Construction) companies, and chemical equipment is generally ordered through leading domestic and international engineering companies, and products are manufactured through a custom design for each project. Therefore, in order to ensure smooth project progress, the ordering party prefers a manufacturer with an existing transaction history, and since the design of equipment for each project is different, there are limited companies that can carry out the business in accordance with customer requirements.
(2) Industry Growth Potential
In the mid- to long-term, demand for energy and petrochemical products is expected to steadily increase due to global GDP growth and population expansion. In particular, oil-producing countries that depend on crude oil exports and have been suffering from growing deficits due to refining and chemically processed finished products are expanding their investments to establish direct processing facilities to secure higher profits and national competitiveness. Accordingly, major countries in the Middle East/Asia/North America are expected to expand investments in new chemical facilities and green hydrogen/green ammonia plants to respond to environmental regulations.
(3) Characteristics of economic fluctuations
The petrochemical industry is closely related to international oil prices, oil consumption/production, and investment plans of major crude oil and gas resource-holding countries, and is also affected by the flow of the petrochemical industry, which has a cyclical nature. In addition, it is closely related to the international situation and the balance of energy demand and supply.
(4) Competitive Factors
Due to the nature of the industry based on steel welding, the industry leadership is shifting similarly to the shipbuilding industry. The industry that started in the United States, then moved to Japan and then to Korea, and recently, competitors from China and India, who are emphasizing low labor costs for basic equipment for general steel grades, are emerging.
However, based on our manufacturing experience through technical partnerships with leading licensors for the production of various products, our company has secured high recognition from domestic and foreign customers based on our own development of special equipment, quality improvement and technological advancement, and unconditional compliance with delivery dates, and we are dedicated to discovering new customers and conducting sales activities for existing customers to secure stable sales.
B. Company Status
(1) Business Overview and Business Division
(a) Business Overview
In the case of our chemical equipment division, due to the impact of COVID-19, which has spread worldwide, the stagnant consumer activity has entered a recovery phase and oil prices have recovered to pre-COVID-19 levels, but the business environment has been limited due to the suspension of petrochemical and LNG projects in the CIS region and the withdrawal of business due to the Ukraine/Russia War.
However, investment in petrochemical plants and oil production facilities led by oil-producing countries and investment in large-scale LNG plants due to the LNG supply imbalance caused by the Ukraine/Russia War are becoming active. In addition, due to the nature of the industry, VENDOR registration for end customers and experience in performing similar construction are important factors in selecting a manufacturer, and our company has an advantage over competitors in these requirements, and based on this, we are actively conducting sales activities to win orders.
In addition to recently winning orders through EPC, we are also gradually expanding sales activities to win orders directly from end users in each country.
(Me) Classification of business sectors subject to disclosure
The company has indicated (1) as the chemical equipment sector that manufactures heat exchangers, etc. as written in the business overview
(2) Market share
In the case of the petrochemical plant sector (chemical equipment sector), it focuses on overseas markets, and the company's market share is a business linked to the overall plant facilities, so the scale is so vast and statistical data is insufficient that it is difficult to express it in arithmetic, making it impossible to make reasonable statistics, but the company estimates that it maintains a top ranking in Korea. In addition, the company has a solid position in the overseas market through approximately 40 years of business experience and external credibility, and is continuously establishing and promoting an order acquisition strategy through dense communication with existing business partners and discovering new business partners, thereby securing stable business partners as well as securing competitiveness and differentiating efforts from other companies to expand orders in overseas markets.
(3) Organizational chart
Image: Organizational chart
Organizational chart
2. Items to be described by purpose of the general shareholders' meeting
? Election of directors
A. Candidate's name, date of birth, recommender, relationship with largest shareholder, whether outside director candidate, etc.
Candidate's name Date of birth Outside director
Whether a candidate
Audit committee member
Whether directors are elected separately
Relationship with largest shareholder Recommender
Kim Seon-gi 60.07.22 Vice N/A N/A Board of Directors
Elbert Michael Yusley 50.01.20 Vice N/A N/A Board of Directors
Lee Jeong-min 72.04.09 Vice N/A N/A Board of Directors
Yoo Yeong-seon 60.05.20 Female N/A N/A Board of Directors
Total (4)
B. Candidate's main occupation, detailed career, transaction history with the relevant corporation for the past 3 years
Candidate's name Main occupation Detailed career Transaction history with the relevant corporation for the past 3 years
Period Contents
Kim Seon-gi The Coretec Group Inc. Chairman 2024 ~ Present
2023 ~ Present
2020 ~ 2023
2019 ~ 2019 The Coretec Group Inc. Chairman
Zaicell Inc. CEO
President, Feast Global Inc.
Vice Chairman, I-Map Asset Management Co., Ltd. Not applicable
Elbert Michael Usley The Coretec Group Inc. CEO 2024 ~ Present
2009 ~ Present
2010 ~ 2020 The Coretec Group Inc. CEO
Chairman, CalErin Group
International Relations Advisor, San Leon Energy Not applicable
Jeongmin Lee The Coretec Group Inc.
General Manager, Accounting, Human Resources, Organization Management Support 2024 ~ Present
2009 ~ 2024 The Coretec Group Inc. Accounting, Human Resources, Organization Management Support
MI Links Vice President None
Yoo Young-sun CFO Vice President, Hapcheon Food Co., Ltd. 2023 ~ Present
2020 ~ 2023
2018 ~ 2019
2009 ~ 2015 CFO Vice President, Hapcheon Food Co., Ltd.
Samtech Vice President
KH Chemical (now 'Cobon') CEO
Hana Bank General Manager, Finance None
D. Whether the candidate has delinquent taxes, is an executive of an insolvent company, or is disqualified under the law
Candidate Name Whether the candidate has delinquent taxes, is an executive of an insolvent company, or is disqualified under the law
Kim Seon-gi None None None None
Elbert Michael Yusley None None None None
Lee Jeong-min None None None None
Yoo Young-sun None None None None
D. Candidate's Job Performance Plan (Limited to the case of appointment as an outside director)
[Candidate Yoo Young-sun]
1. This candidate is aware of the duties of an outside director under the Commercial Act, such as the duty of care and loyalty, duty of reporting, duty of monitoring, duty of mutual business execution monitoring, duty of non-competition, duty of non-self-dealing, and duty of compliance with corporate secrets, and will strictly comply with them.
2. Based on his diverse experience, he will enhance the diversity of the board of directors and perform his independent duties as an outside director by presenting professional opinions and expressing his opinions in the committees within the board of directors, and while representing the interests of shareholders and society, he will resolve major management issues for the long-term growth of the company and maximizing corporate value.
B. Reasons for the Board of Directors' Recommendation of the Candidate
[Candidate Kim Seon-gi]
The candidate was recommended as a candidate because he is judged to be able to sufficiently perform his duties by enhancing the transparency and soundness of management based on his experience and knowledge.
[Candidate Albert Michael Yousley]
This candidate is expected to perform his role as a director well based on his professionalism, job fairness, and ethical responsibility, and the board of directors has recommended him as a candidate because it is judged that he will continuously contribute to the development of the company.
[Candidate Lee Jeong-min]
The candidate is expected to contribute to the major decision-making necessary for our business and the development of the company based on his professional knowledge, and has been recommended as a candidate.
[Candidate Yoo Yeong-seon]
The candidate is expected to contribute to the improvement of corporate value in the mid- to long-term through his outstanding professionalism and broad insight through his abundant knowledge, and has been recommended as a candidate.
Confirmation
Image: Confirmation Certificate Candidate Kim Seon-gi
Confirmation Certificate Candidate Kim Seon-gi
Image: Confirmation Certificate Albert Michael Yousley Hugo
Confirmation Certificate Albert Michael Yousley Hugo
Image: Confirmation Certificate Candidate Yoo Yeong-seon
Confirmation Certificate Candidate Yoo Yeong-seon
Image: Confirmation Certificate Candidate Lee Jeong-min
Confirmation Certificate Candidate Lee Jeong-min ( 1. Business Overview
A. Current Status of the Industry
Our company consists of a chemical equipment sector that mainly produces heat exchangers.
(1) Characteristics of the Industry
The chemical equipment manufacturing industry is a type of PLANT (refinery, chemical) equipment industry and is closely related to facility investments in the domestic and international petrochemical industries. In the case of the plant industry, it is led by large EPC (Engineering Procurement Construction) companies, and chemical equipment is generally ordered through leading domestic and international engineering companies, and products are manufactured through a custom design for each project. Therefore, in order to ensure smooth project progress, the ordering party prefers a manufacturer with an existing transaction history, and since the design of equipment for each project is different, there are limited companies that can carry out the business in accordance with customer requirements.
(2) Industry Growth Potential
In the mid- to long-term, demand for energy and petrochemical products is expected to steadily increase due to global GDP growth and population expansion. In particular, oil-producing countries that depend on crude oil exports and have been suffering from growing deficits due to refining and chemically processed finished products are expanding their investments to establish direct processing facilities to secure higher profits and national competitiveness. Accordingly, major countries in the Middle East/Asia/North America are expected to expand investments in new chemical facilities and green hydrogen/green ammonia plants to respond to environmental regulations.
(3) Characteristics of economic fluctuations
The petrochemical industry is closely related to international oil prices, oil consumption/production, and investment plans of major crude oil and gas resource-holding countries, and is also affected by the flow of the petrochemical industry, which has a cyclical nature. In addition, it is closely related to the international situation and the balance of energy demand and supply.
(4) Competitive Factors
Due to the nature of the industry based on steel welding, the industry leadership is shifting similarly to the shipbuilding industry. The industry that started in the United States, then moved to Japan and then to Korea, and recently, competitors from China and India, who are emphasizing low labor costs for basic equipment for general steel grades, are emerging.
However, based on our manufacturing experience through technical partnerships with leading licensors for the production of various products, our company has secured high recognition from domestic and foreign customers based on our own development of special equipment, quality improvement and technological advancement, and unconditional compliance with delivery dates, and we are dedicated to discovering new customers and conducting sales activities for existing customers to secure stable sales.
B. Company Status
(1) Business Overview and Business Division
(a) Business Overview
In the case of our chemical equipment division, due to the impact of COVID-19, which has spread worldwide, the stagnant consumer activity has entered a recovery phase and oil prices have recovered to pre-COVID-19 levels, but the business environment has been limited due to the suspension of petrochemical and LNG projects in the CIS region and the withdrawal of business due to the Ukraine/Russia War.
However, investment in petrochemical plants and oil production facilities led by oil-producing countries and investment in large-scale LNG plants due to the LNG supply imbalance caused by the Ukraine/Russia War are becoming active. In addition, due to the nature of the industry, VENDOR registration for end customers and experience in performing similar construction are important factors in selecting a manufacturer, and our company has an advantage over competitors in these requirements, and based on this, we are actively conducting sales activities to win orders.
In addition to recently winning orders through EPC, we are also gradually expanding sales activities to win orders directly from end users in each country.
(Me) Classification of business sectors subject to disclosure
The company has indicated (1) as the chemical equipment sector that manufactures heat exchangers, etc. as written in the business overview
(2) Market share
In the case of the petrochemical plant sector (chemical equipment sector), it focuses on overseas markets, and the company's market share is a business linked to the overall plant facilities, so the scale is so vast and statistical data is insufficient that it is difficult to express it in arithmetic, making it impossible to make reasonable statistics, but the company estimates that it maintains a top ranking in Korea. In addition, the company has a solid position in the overseas market through approximately 40 years of business experience and external credibility, and is continuously establishing and promoting an order acquisition strategy through dense communication with existing business partners and discovering new business partners, thereby securing stable business partners as well as securing competitiveness and differentiating efforts from other companies to expand orders in overseas markets.
(3) Organizational chart
Image: Organizational chart
Organizational chart
2. Items to be described by purpose of the general shareholders' meeting
? Election of directors
A. Candidate's name, date of birth, recommender, relationship with largest shareholder, whether outside director candidate, etc.
Candidate's name Date of birth Outside director
Whether a candidate
Audit committee member
Whether directors are elected separately
Relationship with largest shareholder Recommender
Kim Seon-gi 60.07.22 Vice N/A N/A Board of Directors
Elbert Michael Yusley 50.01.20 Vice N/A N/A Board of Directors
Lee Jeong-min 72.04.09 Vice N/A N/A Board of Directors
Yoo Yeong-seon 60.05.20 Female N/A N/A Board of Directors
Total (4)
B. Candidate's main occupation, detailed career, transaction history with the relevant corporation for the past 3 years
Candidate's name Main occupation Detailed career Transaction history with the relevant corporation for the past 3 years
Period Contents
Kim Seon-gi The Coretec Group Inc. Chairman 2024 ~ Present
2023 ~ Present
2020 ~ 2023
2019 ~ 2019 The Coretec Group Inc. Chairman
Zaicell Inc. CEO
President, Feast Global Inc.
Vice Chairman, I-Map Asset Management Co., Ltd. Not applicable
Elbert Michael Usley The Coretec Group Inc. CEO 2024 ~ Present
2009 ~ Present
2010 ~ 2020 The Coretec Group Inc. CEO
Chairman, CalErin Group
International Relations Advisor, San Leon Energy Not applicable
Jeongmin Lee The Coretec Group Inc.
General Manager, Accounting, Human Resources, Organization Management Support 2024 ~ Present
2009 ~ 2024 The Coretec Group Inc. Accounting, Human Resources, Organization Management Support
MI Links Vice President None
Yoo Young-sun CFO Vice President, Hapcheon Food Co., Ltd. 2023 ~ Present
2020 ~ 2023
2018 ~ 2019
2009 ~ 2015 CFO Vice President, Hapcheon Food Co., Ltd.
Samtech Vice President
KH Chemical (now 'Cobon') CEO
Hana Bank General Manager, Finance None
D. Whether the candidate has delinquent taxes, is an executive of an insolvent company, or is disqualified under the law
Candidate Name Whether the candidate has delinquent taxes, is an executive of an insolvent company, or is disqualified under the law
Kim Seon-gi ( Seon Kee Kim* )None None None None
Elbert Michael Yusley ( Elbert Michael Ussery )None None None None
Lee Jeong-min (Jung Min Lee )None None None None
Yoo Young-sun None None None None
D. Candidate's Job Performance Plan (Limited to the case of appointment as an outside director)
[Candidate Yoo Young-sun]
1. This candidate is aware of the duties of an outside director under the Commercial Act, such as the duty of care and loyalty, duty of reporting, duty of monitoring, duty of mutual business execution monitoring, duty of non-competition, duty of non-self-dealing, and duty of compliance with corporate secrets, and will strictly comply with them.
2. Based on his diverse experience, he will enhance the diversity of the board of directors and perform his independent duties as an outside director by presenting professional opinions and expressing his opinions in the committees within the board of directors, and while representing the interests of shareholders and society, he will resolve major management issues for the long-term growth of the company and maximizing corporate value.
B. Reasons for the Board of Directors' Recommendation of the Candidate
[Candidate Kim Seon-gi]
The candidate was recommended as a candidate because he is judged to be able to sufficiently perform his duties by enhancing the transparency and soundness of management based on his experience and knowledge.
[Candidate Albert Michael Yousley]
This candidate is expected to perform his role as a director well based on his professionalism, job fairness, and ethical responsibility, and the board of directors has recommended him as a candidate because it is judged that he will continuously contribute to the development of the company.
[Candidate Lee Jeong-min]
The candidate is expected to contribute to the major decision-making necessary for our business and the development of the company based on his professional knowledge, and has been recommended as a candidate.
[Candidate Yoo Yeong-seon]
The candidate is expected to contribute to the improvement of corporate value in the mid- to long-term through his outstanding professionalism and broad insight through his abundant knowledge, and has been recommended as a candidate.
Confirmation
Image: Confirmation Certificate Candidate Kim Seon-gi ( Seon Kee Kim)
Confirmation Certificate Candidate Kim Seon-gi
Image: Confirmation Certificate Albert Michael Yousley Hugo( Elbert Michael Ussery )
Confirmation Certificate Albert Michael Yousley Hugo
Image: Confirmation Certificate Candidate Yoo Yeong-seon
Confirmation Certificate Candidate Yoo Yeong-seon
Image: Confirmation Certificate Candidate Lee Jeong-min ( Jung Min Lee
Confirmation Certificate Candidate Lee Jeong-min (Jung Min Lee)
iamthe walrus
12 hours ago
There are several more entries besides this one . Im breaking them up .
Notice of Shareholders' Meeting
November 28, 2024
Company Name: KIB Plug Energy Co., Ltd.
Representative Director: Heo Seong-ho
Head Office Address: 260-37, Cheoyong-ro, Nam-gu, Ulsan
(Tel) 052-278-9000
(Website) http://kibplugenergy.com
Writer: (Position) Management Manager (Name) Park Sang-jun
(Tel) 052-278-9000
Notice of Convocation of Shareholders' Meeting
(44th Temporary)
We wish you good health and peace in your home.
In accordance with Article 18 of the Articles of Incorporation, we hereby convene the 44th Temporary Shareholders' Meeting as follows.
Please attend.
- Next -
1. Date and Time: 10:00 AM, Friday, December 13, 2024
2. Location: 260-37 Cheoyong-ro, Nam-gu, Ulsan (3rd floor conference room, headquarters)
3. Purpose of the Meeting
A. Agenda Items
Agenda Item 1: Appointment of Directors (4 persons)
- Agenda Item 1-1: Appointment of Inside Director Kim Seon-gi (new appointment)
- Agenda Item 1-2: Appointment of Inside Director Albert Michael Yusley (new appointment)
- Agenda Item 1-3: Appointment of Inside Director Lee Jeong-min (new appointment)
- Agenda Item 1-4: Appointment of Outside Director Yoo Young-sun (new appointment)
4. Matters concerning the exercise of voting rights
Korea Deposit Insurance Corporation will not be able to exercise shareholders' voting rights at this shareholders' meeting. Therefore, shareholders do not need to inform Korea Deposit Insurance Corporation of their intention to exercise voting rights, and may attend the shareholders' meeting and exercise voting rights directly or indirectly by proxy.
5. What to bring when attending the shareholders' meeting
A. Direct voting: ID
B. Proxy
- Individual shareholders: Power of attorney, proxy's ID card
- Corporate shareholders: Power of attorney, proxy's ID card, corporate seal certificate
- Information to be included in the power of attorney
? Name, address, resident registration number of the proxy (business registration number in case of a corporation)
? Name, address, resident registration number of the proxy, and information on delegation of voting rights
? Seal of the proxy
KIB Plug Energy Co., Ltd.
Representative Director Heo Seong-ho (Seal omitted)
I. Matters concerning the activities and compensation of outside directors, etc.
1. Activities of outside directors, etc.
A. Attendance rate of the board of directors and pros and cons of the board of directors' agenda
Date of meeting Name of outside directors for agenda
Son Kyo-deok
(Attendance rate: 100%) Jo Han-wook
(Attendance rate: 100%) Chun Daniel
(Attendance rate: 100%)
For and against
1 01.12 Increase in loan limit Agree Agree Agree
2 01.17
Acquisition of stocks in other corporations/
Acquisition of tangible assets
Agree /
Agree Agree /
Agree Agree /
Agree
3 01.22 Acquisition of stocks in other corporations Agree Agree Agree
4 01.31 Concurrent directorship/
Concurrent directorship/
Payment of loans
Agree /
Agree Agree Agree /
Agree Agree /
Agree Agree
5 02.07 Approval of financial statements Agree Agree Agree
6 02.26 Board of directors' regulations Changes Agree Disagree Disagree
7 03.07 Loan of funds Agree Agree Agree
8 03.14 Convening the 43rd regular shareholders' meeting /
Introduction of electronic voting
Agree /
Agree Agree /
Agree
9 03.14 Internal accounting management system evaluation report - - -
10 03.26 Extension of credit /
Submission of resignation letter by outside director Daniel Chun /
Approval of the 2024.3.14 board of directors' resolution regarding the agenda for the shareholders' meeting to dismiss inside director Seungryun Baek
Agree /
Agree /
Agree Agree /
Agree -
11 04.01 Report and repayment according to the receipt of the 12th convertible bond redemption request Agree Agree -
12 04.29 New borrowing Agree Agree -
13 05.20 Decision on acquisition of stocks and investment securities of other corporations Withdrawal /
Motion on credit agreement /
Motion on financial support Aye Aye /
Aye Aye Aye /
Aye Aye /
Aye -
14 06.05 Loan Aye Aye -
15 06.17 Liquidation of Korea Hydrogen Power Co., Ltd. Aye Aye -
16 07.15 Loan extension Aye Aye -
17 08.08 Loan extension Aye Aye -
18 09.03 Conclusion of Bumhan Motors equity adjustment and loan settlement agreement Aye Aye -
19 10.07 New borrowing Aye Aye -
20 10.15 Resolution to convene extraordinary general meeting of shareholders Aye Aye -
21 11.20 Resolution to convene extraordinary general meeting of shareholders Aye Aye -
B. Activities of outside directors, etc. in the committees within the board of directors
Committee name Member Activities
Date of meeting Agenda Approval or rejection
- - - - -
2. Status of compensation of outside directors, etc.
(Unit: KRW)
Classification Number of people Amount approved by general shareholders' meeting Total amount paid Average amount paid per person
Remarks
Outside directors 2 2,000,000,000 116,000,000 58,000,000 -
Note 1) The above amount approved by general shareholders' meeting is based on 7 registered directors.
Note 2) The above total amount paid is the amount paid until October 2024.
1. Transactions where the single transaction amount exceeds a certain amount
(Unit: 100 million won)
Type of transaction Counterparty
(Relationship with the company) Transaction period Transaction amount Ratio (%)
Loan of funds Beomhan Automobile Co., Ltd.
(Related company) 2024.01.02 27 1.22
* The ratio (%) is the single transaction amount ratio of 1% or more to the total assets on the financial statements at the end of 2023
2. Transactions where the total transaction amount including a specific person and the transaction exceeds a certain amount during the relevant fiscal year
(Unit: 100 million won)
Counterparty
(Relationship with the company) Transaction type Transaction period Transaction amount Ratio (%)
- - - - -
iamthe walrus
1 day ago
Filing today by KIB Plug Energy 11-27-2024
Kib plug energy
[Notice on Other Matters (Disclosure of KRX)]
KIB Plug Energy Co., Ltd., Notice of Occurrence of Reasons for Substantive Review of Listing Eligibility (2024.11.27)
2. Details 2024.11.27 KIVI Plug Energy Co., Ltd. made a public announcement regarding embezzlement and breach of trust by current executives, etc., '[Correction] Occurrence of Embezzlement and Breach of Trust'.
In relation to this, we plan to determine whether the company is subject to deliberation by the Corporate Review Committee in accordance with Article 49 of the Listing Regulations of the Stock Market.
In the future, based on the decision on whether the company is subject to deliberation by the Corporate Review Committee (as of December 18, 2024, if additional investigation is necessary, the period may be extended within 15 days (based on business days),
1) If it is determined to be subject to deliberation, we will provide information on the progress of the Corporate Review Committee deliberation procedure (continued trading suspension),
2) If it is determined to be excluded from deliberation, we will provide information on the lifting of the trading suspension.
3. Other references useful for making investment decisions -
? Title and date of other disclosure related to this one 2024-11-27 Embezzlement and breach of trust suspicions
Kib plug energy
[Suspicion of Embezzlement or Misappropriation by Officers or Employees]
Report of Disclosure Revision
Revision Date 2024-11-27
1. Disclosure Documents in relation with Revision Embezzlement and breach of trust allegations
2. Submission date of documents 2024-11-27
3. Reason for Revision Additional complaint received
4. Revised Information
information before revision after revision
1. Incident details - Complaint details: Violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes
(Breach of trust)
- Accuser: Cheon ??? (Outside Director)
Choi ??
- Defendant: Heo ?? (CEO)
Choi ?? (Other Non-Executive Director)
Kim ?? A. Confirmation of the fact that a public prosecution was filed against the company's executives for embezzlement and breach of trust
B. Accuser: Cheon ??? (Outside Director)
Choi ??
Jeon ??
D. Defendant: CEO Heo ??
Non-executive director Choi ??
Actual owner Kim ??
Park ??
Kim ??
2. Amount of embezzlement, etc.
- Amount of alleged occurrence (KRW)
- Ratio to equity capital (%) 5,018,500,000
3.92 7,078,500,000
5.53
4. Date of occurrence 2024-09-10 2024-11-26
5. Date of confirmation 2024-09-10 2024-11-26
6. Other important matters related to investment decisions 1. The above allegations and amount of occurrence are based on the contents described in the complaint and are not confirmed, and may change depending on future investigation and court ruling.
2. The above plaintiff, Cheon ??? (outside director), was excluded from the outside director in the registration, but was confirmed to be an outside director by the Ulsan District Court's ruling on August 22, 2024, and was listed as an outside director.
The company appealed the ruling.
3. The company has not confirmed the facts of embezzlement and breach of trust, and the amount of incurred in 2 above is the amount unilaterally claimed by the plaintiff.
4. The amount of incurred in 2 above is the sum of the initial 4,320,000,000 KRW incurred on 2024.08.27 and the additional 698,500,000 KRW incurred on 2024.09.10.
5. The equity capital in 2 above is the total capital based on the consolidated financial statements at the end of 2023.
6. The date of occurrence of 4 above is the date the plaintiff filed the additional complaint with the Seoul Southern District Prosecutors' Office.
7. The date of confirmation of 5 above is the date the company confirmed the additional complaint.
Any changes or additional facts will be disclosed in compliance with the disclosure regulations. 1. The above charges and the amount of occurrence are based on the contents of the complaint and are not confirmed, and may change due to future investigations and court decisions.
2. The plaintiff, Cheon ??? (outside director), was excluded from the registration as an outside director, but was confirmed to be an outside director by the Ulsan District Court's decision on August 22, 2024, and was therefore listed as an outside director.
The company appealed the decision.
3. Currently, the company has not confirmed the facts of embezzlement and breach of trust, and the amount of occurrence of 2 above is the amount unilaterally claimed by the plaintiff.
4. The amount of occurrence of 2 above is as follows.
1) First occurrence 2024-08-27
Violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Breach of Trust)
Amount incurred: KRW 4,320,000,000
Target: CEO Heo ??
Choi ?? Other non-executive directors
Kim ?? Actual owner
2) Additional occurrence 2024-09-10
Violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Breach of Trust)
Amount incurred: KRW 698,500,000
Target: CEO Heo ??
Choi ?? Other non-executive directors
Kim ?? Actual owner
3) Additional occurrence 2024-11-26
Violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Embezzlement and Breach of Trust)
Amount incurred: KRW 2,060,000,000
Target: CEO Heo ??
Choi ?? Other Non-Executive Director
Kim ?? Actual Owner
5. The equity capital of the above 2 is the total capital based on the consolidated financial statements at the end of 2023.
6. The occurrence date of the above 4 is the date the plaintiff filed an additional complaint with the Seoul Central District Prosecutors' Office.
7. The confirmation date of the above 5 is the date the company confirmed the additional complaint.
8. This disclosure is a confirmed disclosure regarding the request for inquiry disclosure regarding the truth of the allegations of embezzlement and breach of trust by the current management of the exchange (November 26, 2024, 19:18) and the related matters will be disclosed in the future when the allegations are confirmed.
-
Suspicion of Embezzlement or Misappropriation by Officers or Employees
1. Details of suspicion a. Confirmation of the fact that a lawsuit has been filed against the company's executives on charges of embezzlement and breach of trust
B. Plaintiff: Cheon ??? (outside director)
Choi ??
Jeon ??
D. Defendant: Heo ?? CEO
Choi ?? Other non-executive directors
Kim ?? Actual owner
Park ??
Kim ??
2. Amount of embezzlement, etc. Relevant amount (KRW) 7,078,500,000
Equity capital (KRW) 128,025,057,117
Ratio to equity capital (%) 5.53
Classified as a large-sized corporation? No
3. Actions to be taken We will take all strong measures against the complainant through legal representatives in accordance with due process, and we will actively cooperate with the investigation of the relevant authorities.
4. Date of occurrence 2024-11-26
5. Confirmation date 2024-11-26
6. Other matters to be factored into investment decisions 1. The above charges and the amount of occurrence are based on the contents of the complaint and are not confirmed, and may change depending on the future investigation and court ruling.
2. The complainant, Cheon ??? (outside director), was excluded from the registration as an outside director, but on August 22, 2024, the Ulsan District Court confirmed that he was an outside director, and so he was listed as an outside director.
The company appealed the ruling.
3. Currently, the company has not confirmed the facts of embezzlement and breach of trust, and the amount of occurrence in 2 above is the amount unilaterally claimed by the complainant.
4. The amount of occurrence of the above 2 is as follows:
1) First occurrence 2024-08-27
Violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Breach of Trust)
Amount incurred: KRW 4,320,000,000
Target: CEO Heo ??
Choi ?? Other non-executive directors
Kim ?? Actual owner
2) Additional occurrence 2024-09-10
Violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Breach of Trust)
Amount incurred: KRW 698,500,000
Target: CEO Heo ??
Choi ?? Other non-executive directors
Kim ?? Actual owner
3) Additional occurrence 2024-11-26
Violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Embezzlement and Breach of Trust)
Amount incurred: KRW 2,060,000,000
Target: CEO Heo ??
Choi ?? Other Non-Executive Director
Kim ?? Actual Owner
5. The equity capital of the above 2 is the total capital based on the consolidated financial statements at the end of 2023.
6. The occurrence date of the above 4 is the date the plaintiff filed an additional complaint with the Seoul Central District Prosecutors' Office.
7. The confirmation date of the above 5 is the date the company confirmed the additional complaint.
8. This disclosure is a final disclosure regarding the request for inquiry disclosure (November 26, 2024 19:18) regarding the truth of the allegations of embezzlement and breach of trust by the current management of the exchange, etc. and the specific details, and we plan to disclose the related information in the future when the allegations above are confirmed.
? Related disclosure 2024-11-26 Request for inquiry disclosure (rumor or report)
2024-09-10 Embezzlement and breach of trust allegations
2024-08-28 Embezzlement and breach of trust allegations
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iamthe walrus
3 days ago
Previous to the Nov 20th filing you highlighted which gave them 41 million shares and 17 % of the company shares They made several tranactions .
A. Details of stock changes
(Unit: shares, won)
Name
(Name) Date of birth or
Business registration number, etc. Change date* Acquisition/disposition
Method Stock type Change details Acquisition/disposition
Unit price** Note
Before change Increase/decrease After change
The Coretec Group Inc
984500090DA5EDBC2E51
November 07, 2024 Over-the-counter purchase (+) Voting stock 0 11,415,525 11,415,525 438 ( ) M Square Global Co., Ltd.
The Coretec Group Inc
984500090DA5EDBC2E51
November 15, 2024 Over-the-counter purchase (+) Voting stock 11,415,525 16,000,000 27,415,525 600 ( ) Open Asia Company Ltd.
The Coretec Group Inc.
984500090DA5EDBC2E51
November 18, 2024 Over-the-counter purchase (+) Voting shares 27,415,525 6,542,056 33,957,581 535 ( ) M Square Global Ltd.
Axios Equity Fund LLC 9845009DSBFHBE3EE502 November 15, 2024 Over-the-counter purchase (+) Voting shares 0 8,000,000 8,000,000 750 ( ) Open Asia Company Ltd.
* In case of trading stocks, etc. on the stock market, the contract date
** In case of securities other than stocks, the securities It refers to the exercise (conversion/exchange) price or the purchase/sale price of stocks acquired/disposed of by exercising the rights of the relevant securities, and the amount in ( ) refers to the purchase/sale price of the relevant securities.
Under another heading : CRTG wanting to exert influence on the company...
Purpose of Holding
Management Rights Influence
- The reporting party intends to exert influence on the company as a shareholder on the matters set forth in Article 154, Paragraph 1 of the Enforcement Decree of the Capital Market and Financial Investment Business Act as specified below.
- There are currently no detailed plans for each of the matters set forth, but in the event that any of the following matters arise in relation to the company's business execution in the future, the company will decide on related actions as a shareholder in accordance with the scope and method permitted by relevant laws and regulations in a manner consistent with the company's management purposes.
1. Appointment of executives. Dismissal or suspension of duties
2. Changes in the articles of incorporation related to the board of directors and other corporate institutions
3. Changes in the capital of the company
4. Merger, division, and division merger of the company
5. Comprehensive exchange and transfer of stocks
6. Assignment or transfer of all business or acquisition or transfer of a significant portion as determined and notified by the Financial Services Commission
7. Disposition of all assets or disposal of a significant portion as determined and notified by the Financial Services Commission
8. Lease or management delegation of all business, contracts to share all profits and losses of business with others, or other similar contracts, changes, or terminations
9. Dissolution of the company
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