The Korea Economic Daily reported that the merger between Naver Financial and Dunamu is facing issues with major shareholder eligibility. As the revised Act on Reporting and Using Specified Financial Transaction Information (Special Act), which strengthens the review of major shareholders of virtual asset service providers, takes effect on August 20, major shareholders and executives will be prohibited from operating a business if they have a history of receiving penalties such as fines or higher under laws like the Fair Trade Act, the Virtual Asset User Protection Act, and the Capital Markets Act. Naver Financial and Dunamu submitted their corporate merger approval application to the Fair Trade Commission (FTC) at the end of November last year and are currently undergoing review. As the FTC's review prolonged, Naver Financial and Dunamu postponed the schedule for their extraordinary general meeting of shareholders for a comprehensive stock exchange from May 22 to August 18, just before the enforcement of the Special Act, delaying it by about three months. Separate from the FTC's review, the financial authorities' major shareholder eligibility review process remains. As Naver was fined 200 million won by the court in September last year for violating the Fair Trade Act, it is anticipated that this related issue could act as a stumbling block in the review.
