Son of Youngpoong Executive Chairman Jang Hyung-jin Faces Controversy Over 'Group Vice Chairman' Activities in the U.S. Without Official Title

*This content was translated by AI.

Jang Se-hwan, son of Youngpoong Executive Chairman Jang Hyung-jin, was reported to have attended an event related to 'Project Crucible,' the U.S. smelter construction project for Korea Zinc held by MBK Partners (MBK) and Youngpoong in Tennessee, U.S.

The event, titled 'Project Crucible Support Reception,' was hosted on the 9th (local time) by MBK and Youngpoong in their capacity as the 'largest shareholder group' of Korea Zinc. It is understood that Jang Se-hwan and Yoon Jong-ha, MBK Vice Chairman, among others, participated together at the venue.

According to media reports, Jang Se-hwan handed out business cards bearing the title 'Youngpoong Group Vice Chairman' to local attendees while introducing himself. The cards also reportedly included the address of Youngpoong Co., Ltd.'s Gangnam office, which operates Seokpo Smelter, along with an email address using the domain 'ypzinc.co.kr,' the same as that used on Youngpoong's official website.

However, it is understood that Jang Se-hwan holds no official position at Youngpoong Co., Ltd., which operates Seokpo Smelter. He does not appear in the executive roster of Youngpoong's actual business report. Instead, he is reportedly serving as Vice Chairman at Youngpoong E&E, a company engaged in managing buildings and facilities owned by Youngpoong.

Furthermore, since Youngpoong E&E's registered address is in Jongno-gu rather than Seoul Gangnam-gu, the fact that Jang Se-hwan conducted official activities under the title 'Youngpoong Group Vice Chairman' while using business cards displaying Youngpoong Co., Ltd.'s office address and email could raise controversy.

In the case of Youngpoong's Seokpo Smelter, top executives including the CEO were previously arrested due to major accidents and later released on bail, indicating that senior management has long faced continuous legal risks. Additionally, issues related to environmental pollution have led to persistent criticism not only against Youngpoong but also against its management and the Jang family, who are major shareholders.

In this context, there are concerns that using the title 'Youngpoong Group Vice Chairman' along with Youngpoong Co., Ltd.'s address and email at official international events such as those in the U.S. could spark controversy over authority and responsibility.

Moreover, during the event, Jang Se-hwan introduced Korea Zinc's Clarksville Smelter as a project "designed to produce 300,000 tons of zinc and 200,000 tons of lead annually," comparing it with Youngpoong's Seokpo Smelter. However, Project Crucible is not merely a zinc-lead smelting facility but a complex smelting project aimed at producing over ten types of critical minerals including antimony, indium, and bismuth to establish a U.S. critical mineral supply chain. Industry observers have pointed out that this description falls somewhat short of explaining the core value of the project.

Additionally, it is reported that the reception emphasized environmental aspects related to Youngpoong's operation of Seokpo Smelter. Presentations covered the conservation of river otter habitats, a zero liquid discharge system, and environmental patents, highlighting that "the facility has operated without a single incident since 2021." This stands in contrast to the ongoing criticism from local environmental groups and civil society organizations in Korea due to pollution controversies.

In response, Youngpoong stated that "Mr. Jang attended the event as Vice Chairman of Youngpoong E&E and in his capacity as a major shareholder of both Korea Zinc and Youngpoong." It was further explained that "(since explaining Youngpoong E&E separately is complex) the term 'Youngpoong Group Vice Chairman' was used for convenience when addressing foreign attendees." The company also added, "The U.S. smelter project is a highly important initiative in terms of Korea Zinc's future growth and the establishment of a global supply chain, and Youngpoong, as a major shareholder, is actively supporting the project's success."

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*This content was translated by AI.