Youngpoong and MBK Partners have demanded that Korea Zinc Director Choi Yun-beom step down from front-line management, saying the move is necessary to investigate management responsibility and normalize the company’s governance and finances. Their statement, issued on Sept. 28 to mark two years since their public tender offer campaign began, cited Korea Zinc-funded investments through the One Asia Partners fund, the acquisition of U.S. electronic-waste company Igneo Holdings, increased borrowings and other governance issues. They said 69 billion won ($50.5 million) was invested through the fund in unlisted entertainment companies including Arc Media, Hi-Hat and Slingshot, where Choi’s family had invested personal funds. Youngpoong and MBK said Hi-Hat and Slingshot suffered complete capital impairment and that losses were emerging at Arc Media, while the Securities and Futures Commission imposed heavy disciplinary action over omitted disclosures and accounting-standard violations. They also questioned the use of Havana No. 1 Fund money in transactions linked to the alleged market-manipulation case surrounding Kakao’s acquisition of SM Entertainment, as well as the decision-making and board oversight behind the 580 billion won ($446.15 million) Igneo investment. They said Korea Zinc’s separate borrowings rose from 387.6 billion won at the end of 2023 to 3.9966 trillion won at the end of 2024 after the company borrowed more than 2 trillion won while pursuing a 1.8 trillion won treasury-share tender offer. Korea Zinc has separately urged Youngpoong and MBK to cooperate on long-term growth, highlighting its smelting business, expansion into secondary battery materials, resource recycling and renewable energy, and progress on Project Crucible in Tennessee. The company has also cited governance measures and plans to expand its product portfolio from more than 20 types to more than 30 over five years.