Namgung Kyeon's Legal Team: "Humasis Minority Shareholder Kim Personally Mentioned '5 Billion Won in Damages' for 300 Million Won Investment Loss"

The legal team representing former Humasis Chairman Namgung Kyeon has asserted the need for a thorough investigation into the background and subsequent actions related to the lawsuit filed by minority shareholder Kim, citing a post written directly by Kim that mentions "50 billion won in damages."

On August 10, Namgung's legal team claimed that Kim wrote a post stating that he suffered an investment loss of about 300 million won in Humasis shares and that he should receive approximately 5 billion won in damages from Namgung.

Namgung's side maintained that it is necessary to verify whether there is any connection between such references to pecuniary compensation and the subsequent lawsuit and whistleblowing to the media.

In particular, Namgung's legal team explained that after Kim filed a complaint based on certain allegations, he withdrew the complaint and then proceeded to file other complaints on the same or similar grounds with other investigative agencies.

Namgung's legal team stated, "Given the repetitive nature of lawsuits and media reports concerning the same or similar allegations, it must be objectively determined whether this was simply to seek relief or if there was an intent to pressure the other party by utilizing investigative agencies and the media."

The team further argued, "If the lawsuit filing, investigation, withdrawal of the complaint, refiling with other agencies, and related media reports happened repeatedly, investigators should closely examine the entire sequence of events and any connections among these actions."

Namgung's legal team is particularly focusing on the "50 billion won in damages" directly mentioned by Kim. They argue that, given Kim claims his investment loss in Humasis shares was about 300 million won but later demanded far greater damages of 5 billion won, it is essential to determine whether this monetary demand is connected to the lawsuit and media disclosures that followed.

Namgung's representatives said, "The 5 billion won figure was not fabricated by Namgung's side but was in fact stated by Kim himself. Why did he refer to damages far exceeding the investment loss? How did this thinking influence the subsequent lawsuit and whistleblowing to the media? These are crucial points in uncovering the background of this case."

Previously, Kim filed a complaint against Namgung and others for alleged violations of the Act on Capital Markets and Financial Investment Business, as well as for alleged embezzlement and breach of trust. Namgung's legal team explained that there had been repeated filings, withdrawals, and refilings of complaints on the same or similar matters. Among the complaints submitted to the Seoul Southern District Prosecutors' Office, some were forwarded by the police with a recommendation for non-indictment.

However, it must be left to the investigative authorities to make the final determination regarding the allegations involved in the complaint and the results of the investigation.

Namgung's legal team argued, "Even before the investigative authorities have reached a final decision, the repeated filing of similar complaints and their amplification in the media are damaging the reputation and credibility of Chairman Namgung and related companies."

They additionally cautioned, "Filing a complaint does not confirm the commission of a crime. If the plaintiff's claims are repetitively communicated to the public through the media before sufficient investigation into the accused and verification of the facts, there is a risk that the general public and shareholders might be misled to believe that criminal conduct has been established."

Namgung’s legal team insists that the facts surrounding the following points in this case must be clarified: Kim's own admission of a loss of about 300 million won and 5 billion won in damages; the sequence of lawsuits, withdrawals, and refilings concerning the same or similar matters; and repeated media reports about the allegations before a conclusion was reached by the authorities.

They emphasized, "Investigators must thoroughly and objectively verify, based on credible evidence, whether these successive actions by Kim were bona fide exercises of shareholder rights and attempts to obtain relief, or whether Kim's publicly stated financial interests affected the filing of complaints and whistleblowing to the media."

Namgung's lawyers further stated, "Materials such as Kim's own posts about the '300 million won investment loss' and '5 billion won in damages,' as well as records of lawsuits, withdrawals, refilings, and related whistleblowing to the media, will be provided to investigators to clarify the entire factual picture. The team will review these materials through legal counsel, and where legal liability is established, appropriate civil and criminal actions will also be taken."

This content was produced with the assistance of AI translation services.