Korean investor sues in-laws for his ouster from company

A Korean investor is suing his parents-in-law for allegedly producing a forged minutes of a corporate board meeting that states that he had resigned from his positions in the company and intended to sell his stock shares.

Sun Ha Park, through counsel Mark A. Scoggins, is suing Eun Soo Han and Kyung Hwa Park for conversion, trespassing, fraud, and interference with contract.

Sun Park wants the court to declare that he is the rightful majority shareholder, director, and officer of Karis Co. Ltd., and to restore control of Karis and its business and accounts to him.

Karis was established as a corporation in the CNMI in 2005, issuing 50,000 shares of common stock to two shareholders.

According to Scoggins in the lawsuit, the original two shareholders live in Korea and have never resided in the CNMI.

Scoggins said that Han was hired by the corporation to serve as its primary employee and that he conducted business on behalf of Karis within the CNMI.

Scoggins said that, in 2013, Han approached Sun Park and encouraged him to invest in Karis, promising him that if he invested sufficient funds into Karis he would receive a controlling share in the corporation, be appointed a director and officer of the corporation, and be able to avail himself of immigration benefits that would allow him to live and work in the CNMI.

Scoggins said that Sun Park from his job in Korea, sold his home, liquidated many of his physical assets, and prepared to move himself and his family to the CNMI.

On April 11, 2014, Scoggins said, Karis Co. issued 450,000 shares of common stock to Sun Park in the amount of $450,000. That made him the controlling stockholder of Karis, having 90 percent shares of the stock.

On April 11, 2014, Sun Park was appointed to the board of Karis and elected as treasurer. He was subsequently elected vice-president/treasurer.

Scoggins said that, on April 24, 2015, Han caused to be filed with the CNMI Department of Commerce a document purporting to be the minutes of the board’s special meeting.

The lawyer said the disputed minutes claimed, among other things, that a meeting of the shareholders occurred on April 20, 2015, and that “all officers and directors” including plaintiff, were present.

Scoggins said Sun Park was not present at any meeting involving the business of Karis on April 20, 2015, and that no such meeting actually took place.

The disputed minutes also claim that plaintiff resigned both his position as corporate officer and board member of Karis. Scoggins said at no time did Sun Park ever resign his positions.

The disputed minutes also claim that plaintiff wanted to sell his 450,000 shares of common stock in Karis to the original shareholders.

In truth, Scoggins said, plaintiff did not request, authorize or endorse any such sale, and no legal transfer of stock took place.

Scoggins said Sun Park is still the legal and equitable owner of 90 percent of the common stock of Karis.

He said the plaintiff’s signature on the disputed minutes is a forgery and that some or all of the other signatures are forgeries. He accused Han of creating the fraudulent minutes and the forged signatures.

Subsequently, the lawyer said, plaintiff has taken steps to reestablish control over Karis in his capacity as majority shareholder, corporate officer and or member of the board.