Introduction:
As the annual shareholders’ meetings for Indong, FIC, and Eurocell approach, a cloud of suspicion looms over Mr. Yoo, whose recent actions have raised concerns among shareholders. Allegations of embezzlement, misinformation, and attempts to manipulate shareholders have surfaced, prompting an investigation into his conduct and its potential ramifications on the Companies.
Background:
In April 2017, Bolivian legislation paved the way for the creation of Yacimientos de Litio Bolivianos (YLB), a crucial entity overseeing lithium activities in Bolivia. YLB, a National Strategic Public Company, holds authority over the lithium production chain, including mining operations. Administrative Mining Contracts (AMCs) issued by YLB grant mining rights to entities, both public and private, for lithium extraction.
Investigation Findings:
Contrary to Mr. Yoo's claims, public records reveal that UMSS, a public entity, holds a valid Administrative Mining Contract with the Bolivian government. This contract, granted in June 2021, authorizes UMSS to mine lithium from a designated area under YLB's supervision. Additionally, UMSS entered a joint venture with Green Mr. Yoo Energy Global Inc. (GEGI) to extract lithium, further supported by documentation.
Legal Maneuvers and Allegations:
In March 2023, Mr. Yoo directed Indong to pursue legal action against GEGI, alleging the "fake" nature of their joint venture agreement. Despite photographic evidence and court dismissals, Mr. Yoo persisted in his claims, leading to further legal entanglements for Indong. These actions not only jeopardize the Companies' reputations but also subject them to potential lawsuits and financial losses.
Conclusion:
The evidence uncovered through this investigation raises serious concerns about Mr. Yoo's motives and integrity. His alleged schemes, including baseless legal actions and dissemination of false information, pose significant risks to the Companies and their shareholders. Urgent action is required to safeguard the Companies' interests and restore trust among shareholders. It is imperative for shareholders to scrutinize Mr. Yoo's activities and take decisive steps to remove him from the board of directors before further damage is inflicted.