Immediate Resignation?: New KT Labor Union Demands Chairman Hwang Go Immediately | BusinessKorea

Monday, September 25, 2017

KT's union has issued a statement urging chairman Hwang Chang-kyu to resign immediately.
KT's union has issued a statement urging chairman Hwang Chang-kyu to resign immediately.
SEOUL,KOREA
20 March 2017 - 11:45am
Michael Herh

KT's new union recently issued a statement urging chairman Hwang Chang-kyu to resign immediately before the company makes a decision on extending his tenure on March 24. .

This is because former Chong Wa Dae chief policy coordinator Anh Jong-bum, who was involved in the Choi Soon-sil Gate, asked chairman Hwang to hire Lee Dong-soo as a director and choose Playground as an advertising agency for KT, and Chairman Hwang accepted all of these demands.

KT's new labor union issued a statement saying, "KT was mentioned as one of the main reasons for the impeachment of President Park Geun-hye announced by the Constitutional Court. KT contributed to the Mir Foundation and K Sports Foundation and hired Lee Dong-soo and Shin Hye-seong as executives at the request of Choi Soon-sil.”

Chairman Hwang pledged to contribute to the Mir Foundation and K-Sports Foundation without a board resolution, and signed an advertisement contract amounting to 6.8 billion won (US$5.9 million) with a company under Choi’s control while violating the internal regulations, KT's new labor union said.

Minority shareholders also filed an injunction to prevent chairman Hwang from being appointed as chairman for a second term. This is because the stock price of KT did not go up even though KT achieved the best-ever performances last year, and the dividend was halved compared to the term of former chairman Lee Seok-chae

"On March 24, the meeting will have some troubles," an industry official said. "There will be some conflicts among major KT shareholders, the new KT labor union and minor shareholders."

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