[Edaily Park Jung-Soo Reporter Kwon Oh-seok] Controversy has erupted after it was revealed that Mr. Woo Tae-kyung, who was nominated as a candidate for an inside director at the extraordinary general meeting of shareholders of KOSDAQ-listed company DAEJIN ADVANCED MATERIALS Inc., currently serves as the head of the company’s legal team. This is because Mr. Woo is said to be affiliated with investors who are in a management control dispute with DAEJIN ADVANCED MATERIALS Inc.’s largest shareholder.
Previously, allegations of a possible connection between certain investor groups and the current management had surfaced, leading to claims of an attempted hostile merger and acquisition (M&A). In response, the largest shareholder filed a motion with the court for a preliminary injunction to prevent the takeover of the board of directors, and the court granted the request. However, attention is now focused on the circumstances surrounding Mr. Woo’s appointment to the company’s legal department after his nomination as a director fell through.

According to the financial investment industry on the 6th, Mr. Woo Tae-kyung (CEO of Barun C& Co., Ltd., a securities information provider) is currently serving as the head of the legal team at DAEJIN ADVANCED MATERIALS Inc. Mr. Woo had previously been nominated as a candidate for an inside director at DAEJIN ADVANCED MATERIALS Inc.’s extraordinary general meeting of shareholders.
DAEJIN ADVANCED MATERIALS Inc. announced last December that it would hold an extraordinary general meeting of shareholders in February of this year at its headquarters, and subsequently confirmed the main agenda items for the meeting through a corrected disclosure.
At that time, DAEJIN ADVANCED MATERIALS Inc. proposed a resolution to amend its articles of incorporation to increase the number of directors from four to eight, along with a resolution to appoint two inside directors and one outside director. Mr. Woo Tae-kyung and Mr. Oh Jeong-baek were recommended as candidates for inside directors, and Mr. Jeong Do-kyun was recommended as a candidate for outside director.
An industry insider stated, “CEO Kim Ki-beom attempted to appoint new directors who are suspected of having ties to Kwangmu(029480), the company’s second-largest shareholder,” adding, “The connection between these individuals’ professional backgrounds and the company’s advanced materials business has not been sufficiently explained.”
To block this move, DAEJIN ADVANCED MATERIALS Inc.’s largest shareholder filed a petition with the court for a preliminary injunction to prohibit the convening of the shareholders’ meeting, and the court granted the injunction, effectively halting the agenda item.
It has been reported that Mr. Woo joined DAEJIN ADVANCED MATERIALS Inc.’s legal department after the director appointments were halted. An industry insider said, “I understand that the individual who was recommended as a director candidate is currently serving as the head of the legal team,” adding, “The company needs to explain the circumstances under which this individual joined DAEJIN ADVANCED MATERIALS Inc.”
The recent management control dispute surrounding DAEJIN ADVANCED MATERIALS Inc. is cited as the backdrop to this controversy. Previously, claims were raised that hostile M&A-related activities were emerging following an equity investment by Kwangmu, which had become DAEJIN ADVANCED MATERIALS Inc.’s second-largest shareholder. Although Kwangmu stated in its disclosure at the time that the purpose of the share acquisition was simply for investment, questions are being raised as to whether there is, in fact, an attempt to participate in management, given that certain individuals are attempting to gain seats on the board.
Some observers are also speculating that there may be intertwined interests between the investment group and the current management. DAEJIN ADVANCED MATERIALS Inc. is currently pursuing the issuance of 15 billion won worth of convertible bonds (CBs) to the Song Sang Investment Consortium; within the industry, the names of Shin Dong-geol, the former CEO of Sangji Construction, Inc., and Woo Tae-kyung, who has been recommended as a director candidate, are being mentioned in connection with this consortium.
An industry insider stated, “CEO Kim Ki-beom is bringing in outside figures whose expertise is questionable and providing them with preferential treatment, such as creating dedicated spaces at the company’s expense.”
In fact, it has been reported that Mr. Jo Young-hoon (representative for the Kwangmu investors), who has a prior conviction for a stock price manipulation case related to “New Wolcop,” attended a DAEJIN ADVANCED MATERIALS Inc. bondholders’ meeting under the name “Chris Jo.”
An industry source claimed, “Mr. Jo, a representative of the investors, attended the company’s bondholders’ meeting without any authority,” adding, “CEO Kim Ki-beom has not stopped this and is turning a blind eye to it.”
In addition, former Seoul Central District Prosecutors’ Office prosecutor Kim Ji-heon (28th class of the Judicial Research and Training Institute, currently an attorney at Seojeong Law Firm) and former Korea Exchange (KRX) department head Nam Chan-woo are also being mentioned in connection with the company.
Former Prosecutor Kim is serving as “Chris Jo’s” legal representative and is reported to have attended the bondholders’ meeting alongside Mr. Jo. He was seconded to the Korea Exchange from 2010 to 2012 and served as Chief Prosecutor of the Economic and Intellectual Property Crimes Division at the Seoul Southern District Prosecutors’ Office in 2018.
Former Director Nam Chan-woo is reportedly currently serving as vice president of DAEJIN ADVANCED MATERIALS Inc. At the Korea Exchange, he held positions in the Stock Market Division, Listing and Disclosure Division, Investor Protection Division, and Public Relations Division.
An industry insider stated, “There are various interpretations in the market regarding the company’s relationships with external figures,” adding, “An explanation from the company and an investigation by financial authorities are necessary.”
Meanwhile, when asked about the timing of Mr. Woo Tae-kyung’s tenure as head of the legal team at DAEJIN ADVANCED MATERIALS Inc., the company replied, “We cannot disclose this information as it constitutes personal data.” Additionally, when asked whether former Prosecutor Kim was involved in the investment process related to Mr. Cho Young-hoon, no response was received.