Directors get tough with mobile-phone operator

Article Abstract:

SK Telecom Co.'s independent directors are declaring that they have won the right to recall loans the firm gave to SK Group divisions worth 300 billion won ($216.4 million). The move reflects the long-going struggle of SK Telecom's independent directors to keep the company from employing its resources to aid its struggling affiliates. Nam Sang Koo, one of the three independent directors, stated that SK Telecom's senior managers have assented to require repayment on 235 billion won in short-term commercial paper acquired from SK Shipping Co. and SK Engineering & Construction Co.

Comment:

Its independent dirs are declaring that they have won the right to recall loans the co gave to SK Group divs worth 300 bil won

South Korea, Use of Funds, Article

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SK Telecom fight isn't over: Tiger won battle but locals may win the war

Article Abstract:

The hard-won effort by New York-based hedge fund Tiger Management to win two seats in the board of directors of South Korean cellular phone firm SK Telecom may result in a windfall for South Korean investors. The installation of Tiger's two board members should make SK Telecom's investment activities more effective, resulting in better earnings on stocks. But foreign investors, such as Tiger, can only invest in such shares through American depositary receipts, which would not reflect the whole earnings of SK Telecom stocks.

Investor Relations, Foreign investments, Investments, Tiger Management L.L.C.

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Directors get tough with mobile-phone operator: independent group forces SK Telecom to call back $216.4 million in loans to affiliates

Article Abstract:

Autonomous directors at SK Telecom Co say they reached an accord with the company's chairman, Son Kil Seung, to recall $216.4 in loans that SK Telecom gave to affiliates of SK Group, the fifth-biggest conglomerate in Korea. The independent directors have been striving to prevent the company from utilizing its assets to aid troubled companies. According to the directors, the development provides a quick view of what kind of corporate change investors are hoping to find for months following the Asian economic crisis.

Radiotelephone communications, Cellular telephone services industry, Cellular telephone services

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