This article was published on the ChosunBiz MoneyMove (MM) site at 4:59 p.m. on Feb. 3, 2026.
As Innovation Asset Management's acquisition of Mobiis fell through, both sides continue to clash over responsibility for breaching the contract. The deal was mired in controversy from the start, but both parties had expressed confidence in fulfilling the contract and have now turned against each other. The dispute over responsibility between Innovation Asset Management and Mobiis is expected to lead to future legal battles.
According to investment banks and the Financial Supervisory Service electronic disclosure system on the 3rd, Mobiis recently notified that the management rights sale and purchase agreement with Innovation Asset Management was terminated due to nonpayment of the remaining balance. Accordingly, a proposal to appoint Innovation Asset Management's executives at the extraordinary general meeting held that day was also collectively rejected.
Innovation Asset Management's plan to acquire Mobiis was announced at the end of last year. Kim Ji-heon, Mobiis's largest shareholder and CEO, signed a management rights sale and purchase agreement with Innovation Asset Management to transfer all 8,370,072 shares (26.02%) he held. Innovation Asset Management paid a deposit of 2 billion won and planned to pay the remaining 43 billion won by Jan. 26 and take over management.
However, the deal appears to have collapsed after Innovation Asset Management failed to pay the remaining balance. Mobiis notified the contract termination on the scheduled payment date of the remaining balance, Jan. 26.
The key question is who is at fault for the contract termination. Both sides say the other is responsible.
Mobiis said Innovation Asset Management did not show an intention to pay the remaining balance. Mobiis said the company notified the contract rescission after confirming there was no intention to pay the remaining balance within the deadline and that it sent another official letter to confirm willingness to perform the payment but could not confirm a clear intention to pay the remaining balance.
Innovation Asset Management, on the other hand, said it was negotiating a postponement of the payment schedule because a series of legal disputes arose during the Mobiis acquisition. It said that negotiations were underway even on Jan. 26, when the initial contract termination notice was issued, but that it received a unilateral notice.
Innovation Asset Management said the contract was made on the assumption that, as with ordinary management rights sale and purchase agreements, there would be no legal disputes, but after the contract was signed, orders prohibiting the holding of an extraordinary general meeting and provisional injunctions prohibiting the disposal of shares were filed. It said an unlawful termination notice was issued that did not even follow contractual procedures, and it believes the seller is at fault for the termination of the main contract.
This acquisition deal was controversial from the time it was signed. Although the equity value Innovation Asset Management was buying was only about 22 billion won at the time, it agreed to buy for 45 billion won by adding a management rights premium of more than twice the value, triggering criticism of an overpriced purchase. Also, because Innovation Asset Management is a financial company directly acquiring an ordinary corporation, questions were raised about possible violations of the separation of banking and commerce law. Innovation Asset Management later set up an entity called Mobiis Partners to pursue an indirect acquisition through a backdoor structure.
In addition, a person surnamed Choi, who claims to be a Mobiis shareholder, filed an application for an order prohibiting the holding of an extraordinary general meeting and an application for an injunction prohibiting the seller from disposing of shares, alleging that Innovation Asset Management was artificially boosting the stock price and attempting to acquire the company through stock-collateralized loans.