A foreign client, holding a minority interest in a Korean company, sought to transfer shares to a third party — a person who was neither a Korean national nor from the client’s home country. Rockcliffe Law was engaged to draft the share transfer agreement as well as a new shareholder’s agreement between the incoming shareholder and the existing shareholders of the Korean company.

While Korean corporate law shares many principles with U.S. and other common law systems regarding share transactions, there are subtle but critical differences. Failure to properly address these differences can lead to significant legal and operational issues. We carefully explained these nuances to all parties involved, ensuring that necessary precautions were taken prior to consummating the transactions.

All parties concluded the matter successfully — and amicably.