Korea Communications Commission to hold hearing on YTN shareholder Eugene ENT

The Korea Communications Commission (KCC) has decided to hold a formal hearing regarding Eugene ENT, the largest shareholder of the news network YTN. This hearing is a preliminary administrative step to determine whether the previous approval of Eugene ENT as YTN’s largest shareholder should be revoked.

The decision was reached during the commission's 38th plenary session, where a majority of members voted in favor of the hearing. The process aims to investigate the legality of the initial approval, the process of YTN's stake sale, and related corporate governance matters. The hearing will provide Eugene ENT with an opportunity to present its defense and clarify facts before the commission makes a final ruling on the potential cancellation of the shareholder change approval.

The controversy stems from a previous ruling by the Seoul Administrative Court, which found procedural flaws in the initial approval granted when the commission was operating under a two-member system. The commission plans to notify Eugene ENT of the hearing by the end of the month, with proceedings expected to take place in October.