[비즈한국] Fantagio Chairman Namkoong Gyeon has come under police investigation over allegations that he improperly used undisclosed information regarding the KOSDAQ-listed company Humasis. The police are currently accelerating the investigation, including conducting interviews with the complainant, following a lawsuit filed by a minority shareholder of Humasis, identified by the surname Kim, who accused Chairman Namkoong of violating the Capital Markets and Financial Investment Business Act.
However, Humasis and Chairman Namkoong’s side remain adamant, claiming that "the complainant's true intentions are suspicious." Humasis has targeted the complainant, stating, "This was never a valid issue to begin with. The individual in question is someone who, aware that the company is cognizant of the situation, intentionally posted messages in a group chat for minority shareholders saying, 'The damages are 300 million won, but we should demand 5 billion won in consolation money.'"
Complainant Claims “Investment Judgments Distorted by Leaked Undisclosed Information”
The complainant, Humasis minority shareholder Kim, alleges that Chairman Namkoong and others used their positions as the de facto owners of the company to selectively share key undisclosed business information, such as the Zimbabwe lithium mine exploration project and a 30 billion won scale stock buyback and incineration plan, thereby distorting investment decisions. He argues that because undisclosed company information was mentioned during meetings with Chairman Namkoong and former Humasis CEO Kim Sung-gon, it constitutes a clear violation of the Capital Markets Act.
In response, Humasis and Chairman Namkoong argue that there are serious legal and moral questions regarding the background and intent of this lawsuit.
They acknowledge meeting with minority shareholders like Kim who visited the company, but explain that the information Kim refers to as "undisclosed" was actually related to the lithium project, which had already been distributed via press releases and covered in the media.
Instead, the company is focusing on the amount of consolation money mentioned by Kim himself. They argue that it is necessary to verify the background of the entire process, noting that Kim stated in an open chat room related to Humasis, "Having been used for three years, I feel bitter; considering the mental and physical damages, I think I should receive 5 billion won in consolation money," followed by a series of filings, withdrawals of lawsuits, re-filings, and reports to the media.
Chairman Namkoong pointed out, "The figure of 5 billion won is not a made-up story, but something written by Mr. Kim himself," adding, "Why he brought up a sum of consolation money that far exceeds the scale of his investment losses, and how this mindset influenced his subsequent filings and media reporting, is a crucial part of verifying the background of this case."
Chairman Namkoong and former CEO Kim Sung-gon have countersued Kim for false accusation, violation of the Personal Information Protection Act, and defamation under the Information and Communications Network Act. They argue that "Mr. Kim’s claims, such as the allegation that the overseas mineral business has no substance, are factually incorrect," and insist that they have "actually secured mining rights, received environmental impact assessment approvals, and conducted explorations through their local subsidiary in Zimbabwe."
Police Intensify Investigation: What Will the Verdict Be?
Humasis also emphasizes that this is not the first time Kim has filed a complaint. He previously filed complaints against Chairman Namkoong and others for violations of the Capital Markets Act, as well as embezzlement and breach of trust, and the case filed with the Seoul Southern District Prosecutors' Office was already forwarded by the police with a recommendation of non-indictment.
Kim had previously filed a complaint against Chairman Namkoong and others with the Uiwang Police Station and tipped off some media outlets, but withdrew the complaint on August 4, leading to the case being closed without indictment.
However, with a new complaint filed, the Seoul Mapo Police Station has handed the case over to the Seoul Metropolitan Police Agency’s Financial Crime Investigation Unit, signaling an intention to "strengthen" the investigation. Attention is focused on whether the police will go beyond simply determining whether undisclosed information was used, and instead determine whether the complainant's actions are legitimate efforts to seek relief or a malicious, calculated legal move based on excessive financial interests.
A lawyer and former prosecutor with extensive experience in financial crime investigations explained, "There is a gray area in interpreting the difference between a company explaining its future business direction and providing business information ahead of time to help with stock investment decisions." They added, "Since it is easy to verify whether information was undisclosed just by checking the timing of the meetings against what was reported in the media at the time, we will have to watch whether the police will focus solely on the Capital Markets Act violation based on the complainant's claims, or if they will also investigate the company's countersuit."