Court Upholds Injunction Allowing SNT Holdings to Inspect S-MAC's Accounting Records

Changwon District Court has upheld its previous injunction decision in the legal dispute between SNT Holdings and S-MAC regarding the inspection and copying of accounting records.

On August 12, the Changwon District Court denied an objection raised by S-MAC against the injunction decision on the inspection and copying of accounting records filed against SNT Holdings, maintaining the existing injunction order.

Previously, on March 26, the Changwon District Court granted the injunction request made by SNT Holdings against S-MAC for the inspection and copying of accounting records.

In response, S-MAC filed an objection on April 7, asking for the injunction decision to be dismissed. However, in its latest ruling, the court rejected the grounds for objection raised by S-MAC and maintained the original decision.

According to SNT Holdings, in line with the court's latest decision, S-MAC is required to comply with the inspection and copying of accounting records.

A representative of SNT Holdings stated, "The court has confirmed the legitimacy of SNT Holdings' request to inspect and copy accounting records from S-MAC. S-MAC should now respect the court’s decision and carry out the inspection and copying of the accounting records as ordered."

In a regulatory filing on July 27, SNT Holdings announced that it had additionally acquired 3.02 million shares of S-MAC on the open market, raising its combined stake with SNT Motiv to 25.69%.

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