Attorney Eom Sang-yun of the law firm Cheongchul commented on the lawsuit among the shareholders of Airjeta (formerly Air Incheon), which was reported by Bloter, regarding the ‘interpretation of the shareholder agreement’.

In this case, how to interpret the conditions for the validity loss of the 'shareholder agreement' became the core issue, and the court determined based on the clause in the shareholder agreement that 'the contract loses its validity if the major shareholder's stake exceeds 80%' that the shareholder agreement will lose its validity in the future.

Regarding the court's judgment as mentioned above, Attorney Eom Sang-yun stated, "The shareholder agreement in this case loses its validity from the point when the major shareholder holds more than 80% of the company’s shares, which is different from a termination where the contract's validity retroactively ceases." He explained, "The court interpreted the content of both parties' shareholder agreements and found that the conditions for the clause that leads to the loss of the contract's validity in the future have been met."

This ruling suggests that a review of the specific conditions of the shareholder agreement and the wording of the contract is a crucial factor directly related to defending management rights.

For more details, please refer to the full article published on Bloter.

Bloter Article: https://www.bloter.net/news/articleView.html?idxno=653566