Korea Zinc and the Young Poong-MBK Partners alliance are escalating a dispute over allegations that ₩69 billion ($49.9 million) from One Asia Partners funds was invested across six rounds in Arc Media, High Hat and Slingshot Studio after Chairman Choi Yun-beom and his family had invested in the companies. Young Poong and MBK say Korea Zinc was effectively the sole limited partner in six of One Asia’s eight funds, contributing about ₩560 billion ($404.7 million), and are seeking an independent investigation. Korea Zinc says it was only an LP and that investment selection and decisions were made independently by One Asia’s general partner. The company has also challenged the use and status of criminal case records cited by the alliance, while saying Korea Zinc was recognized as a victim in the relevant ruling. The allegations have not been confirmed by financial authorities or judicial bodies. The dispute is becoming a central issue in the proxy contest over the appointment of an independent director serving as an audit committee member at the September 9 meeting.