Kyobo gains edge in battle with Deloitte
Posted : 2021-01-20 16:56
Updated : 2021-01-20 17:31 Kyobo Life Insurance Chairman Shin Chang-jae, left, and Deloitte Anjin CEO Hong Jong-sung / Courtesy of each firm
By Lee Min-hyung
Kyobo Life Insurance has gained an edge in a months-long legal dispute with Deloitte Anjin, after prosecutors indicted three Deloitte accountants for allegedly colluding with the insurer s financial investors to distort Kyobo s estimated stock price before its initial public offering (IPO).
Kyobo expected prosecutors to have discovered evidence of the alleged collusion between the accountants and executives of the consortium.
The legal battle started in April 2020 when Kyobo accused the accounting firm of unfairly and insincerely valuating the insurer at the request of a consortium led by Affinity Equity Partners. The consortium is Kyobo s second-largest shareholder, which acquired a 24.01 percent stake in the insurer in 201