Choi Yoon-beom, chairman of Korea Zinc, has withdrawn his application for a provisional injunction against the performance of the contract, which he filed, saying the management cooperation contract between Youngpoong and MBK Partners was a breach of trust.
Youngpoong Precision submitted a written withdrawal of the provisional injunction to the Seoul Central District Court yesterday.
Earlier, Youngpoong Precision applied for a provisional injunction with the effect that MBK's right to call options and joint sale of some of Youngpoong's shares in Korea Zinc benefits only MBK and damages Youngpoong.
The MBK claimed that they confessed to Youngpoong Precision's withdrawal of the provisional injunction that their claim of breach of trust was absurd.
In response, Youngpoong Precision responded by saying that Youngpoong and MBK delayed the trial by not submitting a management cooperation contract in the provisional suit, and that they would be held accountable in the main lawsuit.
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