Backlash from the SK Broadband labor union over the sale of SK Store is intensifying. The union says there may be legal issues with the financing method of the prospective acquirer, Rapport Labs, and is arguing that the government should reconsider the approval process for the sale.
SK Broadband's union said on the 30th that it will hold a third general strike rally to block the sale of SK Store at 10 a.m. on the 14th in front of the main gate of the Government Complex Gwacheon. Since late January this year, the union has continued one-person protests in front of the Government Complex Gwacheon to voice opposition to the sale.
What the union takes issue with is the acquisition funds of Rapport Labs. The union said it received an opinion in a recent legal review commissioned to an outside law firm that Rapport Labs' acquisition of SK Store could violate or run counter to the purpose of the Act on Special Measures for the Promotion of Venture Investment.
Venture investment fund capital was originally created to supply risk capital to early-stage corporations, and because SK Store is an affiliate of a large business group, the claim is that using these funds for the acquisition is inappropriate. The union sees the VC funds secured by Rapport Labs as potentially constituting de facto roundabout investment or conditional investment.
Rapport Labs earlier applied for approval to change the largest shareholder to acquire 100% equity in SK Store held by SK Telecom for about 110 billion won. The Korea Media and Communications Commission will review the transaction for public responsibility, public interest, financial capacity, and plans to protect viewer rights, and is expected to decide on approval in July.
The union emphasized that this sale is not a simple equity transaction but could affect the public nature of the broadcasting media business, the ecosystem of partner companies and small and midsize corporations, and employment stability.
The union said, "A contract whose source of funds is under suspicion should not be recognized under licensing standards for broadcasting businesses that require public interest."