Issue Date: November 3, 2008
DC Chemical Forced Off Sodiff Board
South Korea's DC Chemical has issued a series of angry protests after Sodiff Advanced Materials, a company in which it is the largest shareholder, booted DCC's representative off the board. Sodiff, a manufacturer of specialty gases used in the electronics industry, alleges that DCC was stealing its technology. But DCC, a manufacturer of industrial chemicals and polysilicon used in solar cells, says it helped Sodiff survive a financial crisis and claims that Young Kyun Lee, the second-largest shareholder in Sodiff, is attempting to seize control of Sodiff. DCC currently owns 26% of Sodiff; its stake will increase to 37% when its convertible bonds come due on Dec. 1.
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