According to South Korean media outlet n.news, on January 25th, the past year has seen a partnership between South Korean tobacco company KT&G and Philip Morris International (PMI) being established. This collaboration aims to jointly develop their e-cigarette brand "릴" (lil) and expand their presence in the international market.
The contractual collaboration in question is a long-term agreement between KT&G and PMI to sell the "릴" e-cigarette in over 70 countries worldwide. In light of this partnership, investor Agnès requested access to KT&G board records and other documents, and subsequently sought a court review. However, the court dismissed this request.
According to reports, Flashlight Capital Partners (FCP), represented by Agnès, is a fund operated by foreign aggressive investors. Last October, it raised concerns about the legality of the long-term e-cigarette sales contract signed by KT&G and PMI in January of the previous year. However, at the time, the Daegu District Court dismissed this application.
A spokesperson for KT&G has stated that the court has rejected FCP representative Agnès' request to access board records and other documents, deeming it lacking sufficient justification. The international export contract was decided upon by the company's management and contains confidentiality clauses. Disclosing the main contents of this contract could potentially generate controversy and harm the collective interests of shareholders, thus the court dismissed the request. Additionally, KT&G emphasizes that the court allows for only a very limited range of accounting records to be referenced. The company will respect the court's decision and plans to proceed with subsequent actions in accordance with legal procedures.
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