South Korea’s Supreme Court upheld a ruling that Korea Zinc’s Australian affiliate Sun Metal Corporation did not qualify as a subsidiary under Article 369, Paragraph 3 of the Commercial Act, limiting Korea Zinc’s use of mutual-share provisions to restrict voting rights attached to Young Poong’s 25.42% Korea Zinc stake at a January 2025 meeting. In a related proceeding, the court rejected Young Poong advisor Jang Hyung-jin’s re-appeal, finalizing orders to produce the September 12, 2024, management cooperation agreement between Young Poong, Jang and Korea Corporate Investment Holdings, MBK Partners’ special purpose vehicle. The documents will be examined in KZ Precision’s approximately 930 billion-won shareholder derivative lawsuit, while the parties continue to dispute the rulings’ implications for Korea Zinc’s governance, overseas-affiliate structures and the Korea Fair Trade Commission’s review.