Taekwang Industrial has filed a criminal complaint with police against three individuals, including two co-CEOs of Truston Asset Management, alleging defamation and business obstruction over a shareholder letter that accused the Taekwang Group Management Council of neutralizing the board. Truston, the company’s second-largest shareholder, holds 1.3% through funds and an additional 3.18% through related party OK Capital, according to the latest account. An earlier account put its combined holding at 5.04%, creating a discrepancy in the reported stake. Truston says the council operated outside Taekwang Industrial’s legal and disclosure framework and has warned that it may pursue shareholder derivative suits and other rights under the Commercial Act. Taekwang Industrial says the former management council was replaced by the Management Support Council in August of last year, which it describes as a consultative body rather than a decision-making organization. The dispute also concerns the 1.5 trillion-won Aekyung Industrial acquisition, a Korea Exchange unfaithful-disclosure designation and a withdrawn 318.6 billion-won exchangeable-bond plan. The case marks the first time Taekwang Industrial has taken legal action against Truston since the fund began sending shareholder letters in 2020.