A column by Jaesun Yoon of Law Firm Changchun, "An Accounting Firm Cannot Stand in for the Court," has been published in the Beopjo Gwangjang section of Lawtimes. The column addresses the practical problem of appraisal reports effectively displacing the court's own judgment in share purchase price determination cases, and stresses that the "fair value" under the Commercial Act must be arrived at through the court's normative judgment rather than an accounting firm's calculation. Because appraisal rights are an important remedy for minority shareholders, the argument runs, courts should not merely rubber-stamp appraisal results but should themselves examine the company's objective value and the dissenting shareholders' share.
For details of the column, please see the link below.