asialaw 9월호
A case of wait and see
A number of recent case in Korea have led to healthy debate about the scope of what is permissible in leveraged buyout cases, says Sang Gon Kim of Lee & Ko
The Supreme Court of Korea recently ruled on a leveraged buyout(LBO) case, finding the directors of a target company liable for criminal breach of fiduciary duty for collateralising the target's assets to finance the acquisition. In Korea, the directors of a company are criminally liable if they are found to have breached their duty of the acquiring company who caused the target's directors to engage in the act were also found liable as conspirators.
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