Case Studies
Law firm Veat, ranked No. 5 in Bloomberg's 2020 Annual M&A League Table.
Bloomberg Korea 2020 M&A League Tables 안녕하세요, 법무법인 비트입니다. 자본미디어사 블룸버그(Bloomberg)가 지난 5일 2020년 연간 M&A 리그테이블(자본시장 자문 실적 순위)을 발표하였습니다. 법무법인 비트는 블룸버그 2020년 연간 리그테이블 (Bloomberg Korea M&A League Tables) M&A 법률자문 분야에서 거래총수를 기준으로 5위를 기록하였습니다. 최성호 대표 변호사는 코로나19로 상황이 어려웠음에도 불구하고, 작년보다 3단계 상승한 5위에 법무법인 비트의 이름을 올린 성과에 대하여 2020년도에도 법무법인 비트를 믿고 함께해준 파트너사에 감사의 인사를 전하였습니다. 법무법인 비트는 2021년 한 해도 부티끄 로펌의 대표주자로서 비트만의 차별화된 전문성과 풍부한 경험을 바탕으로 최선을 다해 투자, M&A(인수, 피인수)와 관련된 법률 자문을 제공할 것을 약속드립니다. 감사합니다. 법무법인 비트 드림
[Legal News] “Virtual Currency Investment” Used as a Diversion to Steal 17 Billion Won
While the virtual currency market is growing again, virtual currency-related fraud crimes are also constantly occurring. Following the closure of a recent case in which a lawyer from Veat Law Firm was indicted on charges of virtual currency investment fraud, An Il-oon, Senior Partner, provided his opinion. For more details, please refer to the article, ‘Taking 17 Billion Won Under the Pretense of ‘Virtual Currency Investment’’ at . An Il-oon, Senior Partner of Veat Law Firm, is a lawyer who graduated from the Department of Computer Science at Yonsei University and has a development history at Naver. He was appointed as a member of the Korea Bar Association’s IT · Blockchain Special Committee. If you need the opinion of a legal expert on blockchain and virtual currency, please contact Veat Law Firm Inquiry. Thank you. Veat Law Firm
[202012] Monthly Veat 12th Issue_The Future is Hydrogen Economy Era!
https://stib.ee/6Vq2 Law firm Veat
[Venture Enterprise Act] Introduction of Multiple Voting Rights Stock for Unlisted Venture Companies
(Image source: Ministry of SMEs and Venture Business, Press release regarding the multiple voting rights of non-listed venture companies) The Ministry of SMEs and Venture Business announced that a revised version of the “Act on Special Measures for the Promotion of Venture Companies” (hereinafter referred to as the Venture Companies Act) was approved at the National Policy Committee meeting on December 22, 2020 (Wednesday). Multiple voting rights stock (hereinafter referred to as “multiple voting rights”) is currently impossible to issue in Korea under the current law, as it is stock with multiple voting rights. This revision of the Venture Companies Act was driven to establish a basis for issuing multiple voting rights, allowing non-listed venture companies to raise large-scale investments and grow into unicorn companies without equity dilution. The Ministry of SMEs and Venture Business plans to submit the revised Venture Companies Act to the National Assembly this year and will actively work to pass the revised version. It is necessary to pay attention to whether the revised version will pass in the plenary session. Please refer to the Etnews article for related information. If you need legal advice on the Act on Special Measures for the Promotion of Venture Companies or investment-related laws, please contact Law Firm Veat. Law Firm Veat is a law firm established by lawyers specializing in IT, providing differentiated legal services based on in-depth understanding of Venture Capital, PEF, and various business cases. We are committed to providing comprehensive legal solutions. Thank you. Law Firm Veat
[Lawtok News] Even if you sell access logs, is it 'obstruction' of a forensic investigation?
Law firm Veat’s An Il-won Senior Partner recently conducted an interview related to the leak of the ‘COVID-19 Access Log’ that recently occurred. For more details, please refer to the RokTalk News article ‘Selling Access Logs Resulted in ‘Hindering’ Investigations?’ at https://news.lawtalk.co.kr/issues/3017. Thank you. Law firm Veat. On June 26th, after Seoul recorded the largest number of COVID-19 cases to date (213 people), ‘dark files’ were being traded on Telegram. The file names were ‘COVID-19 Access Log,’ and the Excel sheets contained the personal information of tens of thousands of people. It included names, phone numbers, and residences. “This data was stolen by hacking the Ministry of Health and Welfare and other agencies,” claimed the sellers, who claimed they had stolen a total of 2 million pieces of personal information. The police are currently investigating whether the government agencies were actually hacked. They were reportedly speeding up the seizure of the sellers’ bank accounts on June 25th. ... middle .... If it was stolen through hacking, it violates the Personal Information Protection Act + the Information and Communication Network Act. If the hacking is confirmed, the severity of the punishment will be much higher. An Il-won Partner said, “It violates the Personal Information Protection Act (Article 70, Paragraph 2) and the Information and Communication Network Act (Article 48, Paragraph 1). It punishes ‘a person who provides personal information obtained by illicit means for commercial or illicit purposes to a third party’ and ‘a person who illegally intrudes into the Information and Communication Network without legitimate access rights.’ The severity of the punishment will also be much higher. Violating the Personal Information Protection Act (Article 70, Paragraph 2) carries a prison sentence of up to 10 years or a fine of up to 100 million won, while violating the Information and Communication Network Act (Article 48, Paragraph 1) carries a prison sentence of up to 5 years or a fine of up to 50 million won. While direct responsibility may not be established… the punishment may reflect the COVID-19 situation. Furthermore, it is difficult to directly apply the Infectious Disease Control and Prevention Act, but nevertheless, “(the hacking or leakage of the access log) will increase the sentence.” An Il-won Partner said, “Because it exploited the situation caused by the COVID-19 pandemic to deceive the general public, it will be reflected in the sentence,” and Kim Hak-yeong Partner stated, “If there is a need to strengthen punishment in the face of social circumstances, the punishment may be strengthened.”
[Legal News Times] 'Startup Legal Consulting' An Il-woon, Partner at Law Firm Veat
Law firm Veat’s senior partner, An Il-won, was featured in the Legal News “Flying Debate” columnist article series titled ‘Startup Legal Consultation’. Senior partner An Il-won graduated from Yonsei University’s Department of Computer Science and Engineering, worked as Manager at Naver Corporation’s Search Development Center, and conducted research and development on document ranking systems (search engine ranking systems) and distributed databases. He also achieved 7th place (silver medal) in the Korean regional finals of the Association for Computing Machinery International Collegiate Programming Contest (ACM-ICPC), the world’s largest and most prestigious coding competition. Furthermore, he is actively involved as a member of the Korea Copyright Committee’s Open Source Software License Expert Community. He is solving legal problems based on his deep technical understanding of software and intellectual property. Because I learned the mindset of IT company employees, I can quickly grasp the trends in the IT field and provide legal knowledge or consultation that customers of related companies want, which helps create a sense of psychological intimacy. Excerpt from a Legal News article For more detailed information, please refer to the Legal News article “Flying Debate” Startup Legal Consultation Attorney An Il-won of Law Firm Veat. Thank you. Best Regards, Law Firm Veat
[Lecture] Korean Bar Association Venture Startup Investment Academy, Overseas Investment and English Contract Review Course
Law firm Veat’s senior attorney, An Il-won, held a lecture on venture startup investment academies and English contracts for overseas investment hosted by the Korean Bar Association on July 19th. Notably, the target of this lecture was lawyers who are members of the Korean Bar Association, not the general public or entrepreneurs. In this webinar-style lecture, senior attorney An Il-won lectured on basic content regarding overseas investment, including the procedures for overseas investment. Senior attorney An Il-won graduated from the Computer Department of Yonsei University and worked as a Manager at Naver Corporation’s Search Development Center. He also conducted research and development on document ranking systems (search engine ranking systems) and distributed databases. He also achieved 7th place (silver medal) in the Korean regional finals of the ACM-ICPC, the world’s largest and most prestigious programming competition for university students, and is an active member of the Open Source Software License Expert Community of the Korean Copyright Committee. He is solving legal issues based on his deep technical understanding of software and intellectual property. If you need legal advice regarding overseas investment and English contracts, please contact Law firm Veat. Thank you. Law firm Veat Dream
[Lecture] (Wonju Medical Device Techno-Valley) Important Notes on the Personal Information Protection Act and Contents of Amendment of Data 3 Laws
Law firm Veat partner attorney Baek Seung-cheol conducted a lecture on August 19th for the overall manager of the Gangwon National Innovation Cluster R&D project, among others, regarding important notes on the Personal Information Protection Act and the revisions to Data Laws 3. This lecture was conducted with contents including important notes on the Personal Information Protection Act, revisions to Data Laws 3, and application examples, and was held in order to strengthen the development capabilities of homecare medical devices based on personal information protection. Partner attorney Baek Seung-cheol is a “IT specialist attorney” recognized through the rigorous review of the Korea Bar Association’s specialized field review committee. He has also handled numerous lawsuits related to personal information protection and infringement incidents, and provides personal information protection and prevention lectures for various companies and public institutions. If you are looking for legal advice or a lecture related to personal information, IT, or medical devices, please contact Law firm Veat. Thank you. Law firm Veat.
[Consultation] Review of legal documents for stock option agreements and employment contracts.
Developer A was scouted as an executive of B Startup and drafted stock option agreements and employment contracts. Accordingly, he entrusted Law Firm Veat with the legal review of the employment contract and stock option agreement. Veat meticulously examined whether the stock option agreement and employment contract were unfairly disadvantageous to the client, whether the agreed terms between the parties were well reflected, and whether they complied with the requirements stipulated in the “Labor Standard Act” and “Commercial Act”. Stock options are explicitly defined in the “Commercial Act” regarding their exercise conditions and exercise periods. Therefore, if the stock option agreement does not meet the requirements stipulated in the Commercial Act when stock options are granted, the grant contract is void, and you should be aware that you cannot receive the stock options. Law Firm Veat provides advice based on the experience gained through reviewing numerous stock option and employment contracts. Also, we offer a free stock option agreement form and explanation guide containing this expertise. Thank you.
[Consultation] What is the response plan for an investment company when a company it has invested in intentionally closes down?
The investor, Esa, inquired with Law firm Veat regarding a response plan in case Asa, the non-investing party, deliberately closes down. Asa deliberately intended to close down the company due to the difficult business environment. As a result, Esa requested a legal review regarding the actions that could be taken based on the investment contract if Asa closes down. In response, Law firm Veat reviewed the investment contract between Esa and Asa, examining Esa’s right of stock purchase, liquidated damages, and claims for damages, and provided legal opinions. Law firm Veat provides advice related to due diligence, investment contract drafting and review, and various investment firms such as accelerators and venture capital firms, based on its diverse experience in the startup ecosystem. It also provides advice related to fund solicitation and reporting and management of non-investing companies. If you need legal advice in relation to these matters, please contact Law firm Veat. Thank you.