Seoul Court Blocks Eugene ENT’s YTN Takeover Over Legal Flaws
A Seoul court has overturned the Korea Communications Commission’s (KCC) approval of Eugene ENT’s takeover of YTN. The ruling followed a legal challenge by the YTN employee stock ownership association and other plaintiffs. They argued that the KCC’s decision was flawed from the start. The court found that the KCC’s approval lacked legal validity because the vote did not meet the required quorum. This procedural error meant the decision could not stand. As a result, the privatisation of YTN has been reset entirely. The court’s decision cancels the KCC’s earlier approval and sends the privatisation back to the beginning. The Korea Media and Communications Commission will now handle the case, ensuring compliance with legal requirements. The outcome delays Eugene ENT’s acquisition and extends uncertainty over YTN’s future ownership.
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