[Background Information]
Originally, CEO Cha was acting as an advisor to Muwon’s mother Shin Sukhee with regards to her efforts to acquire a large distributor firm. Therefore, a principal-fiduciary relationship was created. A fiduciary owes, among others, the legal and legally enforceable duty of loyalty to his principal. The duty of loyalty requires the fiduciary to put the principal’s interest ahead of his own.
Despite this, CEO Cha, upon finding out that Shin Sukhee had turned one his executives onto her side without his knowledge, decided to interfere with Shin Sukhee’s efforts to acquire the distributor firm by aiding her adversary. As a result, Shin Sukhee was forced to pay a price for the distributor firm that was much higher than she would have paid if CEO Cha had not stepped into the acquisition battle.
In doing so, CEO Cha violated his fiduciary duty of loyalty owed to his principal Shin Sukhee and her corporation. Thus, Muwon is contemplating bringing suit to correct this injustice.
Kim Jaejoong of Protect the Boss. Against His Uncle Park Youngkyu Files Suit.
Cha Muwon has turned to lawsuit against his uncle CEO Cha.
On the 11th episode of the SBS Wed-Thursday drama Protect the Boss that aired on September 7, Cha Muwon rose in revolt against his uncle CEO Cha who had interfered with the acquisition of a distributing firm.
Cha Muwon confirmed with his mother Shin Sukhee as to “whether there is any scheme attempted without CEO Cha’s knowledge.” It is because CEO Cha mentioned that Shin Sukhee had first aimed to betray him. Shin Sukhee denied it, saying there was no such thing.
Cha Muwon said to CEO Cha: “You said that my mother was the one who committed the first mistake. I do not know exactly what kind of a mistake it was but I will apologize on behalf of her. I will also apologize for having behaved with impudence in front of you.”
Continuing, Cha Muwon asked him: “However, definitely your methods were wrong also. Therefore I have no choice but to use the same kind of methods against you. So, please, you stop first. Please straighten everything, even if only now.” But CEO Cha denied Cha Muwon’s plea.
Cha Muwon who returned to his office told his secretary the following and prepared the lawsuit: “I will file a lawsuit against CEO Cha. We need to evaluate exactly how far we had come (in our acquisition efforts) at the time that CEO Cha began to go forth with the Consortium.”
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