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On the 29th, MBK Partners issued a statement criticizing the anticipated legal action by Golfzon Holdings as "forced claims that distort the clear essence of the contract and shake common sense in the capital markets."
Regarding the core issue of the dispute, the "sale of management rights," MBK Partners countered that "the guarantee of management rights was a conditional structure premised on the success of an IPO (initial public offering)." The company explained that at the time of investment in 2018, to prepare for the possibility of an IPO failure, they explicitly finalized a "drag-along right" allowing the sale of Golfzon Holdings shares to a third party. It added that although Golfzon Holdings was given priority acquisition opportunity before the official start of the divestiture process, the final proposal terms were less favorable compared to those offered by the competitor, The Sina Group.
Previously, on the 28th, Golfzon Holdings had warned of legal action, stating it "cannot agree to a unilateral sale that goes against the original investment intent." Golfzon Holdings claimed that it received investment premised on an IPO and management rights guarantee, and had cooperated by leasing its four owned golf courses at low rents.
In response, MBK Partners stated that "the golf course lease was a legally established contract based on mutual agreement at the time," and declared that it would strictly hold parties accountable for factual distortions and contract violations.
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*This content was translated by AI.View Original
