Former Mobile Appliance CEO Lee Jae Shin has returned as the KOSDAQ-listed company’s largest shareholder after Daegwang’s stake was sharply reduced through a margin call (forced collateral sale). Lee filed a lawsuit in early September seeking a temporary shareholders’ meeting, the dismissal of current management and his appointment as an internal director. He also sought access to the shareholder register and accounting books. The dispute follows Lee’s January agreement to sell 5,810,350 shares, or 18.85%, to Daegwang for about 25 billion Korean won. After Daegwang used shares as collateral for a 4.4 billion Korean won loan and its stake fell from 10.71% to 2.76% in May, Lee’s 7.14% holding made him the largest shareholder again. Mobile Appliance responded with accusations that Lee embezzled and misappropriated 6.4 billion Korean won. The company reported 13.1 billion Korean won in consolidated revenue and a 5.7 billion Korean won operating loss in the first half of 2026, while accumulated disclosure penalties triggered a listing eligibility review. Trading has been suspended since July.