Solidarity for Economic Reform sues shareholder representative over pollution of Seokpo Smelter

The Solidarity for Economic Reform and the general shareholders of Youngpoong said they have filed a lawsuit against five former and current directors of Youngpoong in the Seoul Central District Court in connection with the Seokpo Smelter's violation of environmental laws.

The plaintiff explained that he filed a lawsuit with the Youngpoong Audit Committee in accordance with the representative litigation procedure under the Commercial Act last month, but he filed a lawsuit when the company refused, saying it could not respond.

The lawsuit is aimed at holding Youngpoong liable for damages such as 28 billion won in fines from the Ministry of Environment and recovery costs spent by the company for illegally discharging cadmium contaminated water from the Seokpo Smelter's zinc manufacturing plant into the Nakdong River for years.

The Solidarity for Economic Reform said it would set a precedent with Youngpoong minority shareholders that companies' environmental crimes, which hold them accountable for their mismanagement practices and cause damage to a number of societies, are liable for damages.