DKME Taskforce Team
compliance@dkme.us
Open Letter (July 1, 2025) | Updates Posted Daily?
Subject: Official Statement from Quantum Wealth Management LLC Regarding the Proposed Change of Control in DKME Co., Ltd.
Dear Shareholders,
This document is intended to clearly convey the official position of Quantum Wealth Management LLC, the controlling shareholder of DKME Inc., which is the largest shareholder of DKME Co., Ltd. (formerly KIB Plug Energy Co., Ltd.), regarding the approval of a proposed change of control in DKME Co., Ltd.
We are a U.S.-based investment entity established under the laws of the State of Delaware. As a responsible financial investor, we made our investment in DKME Co., Ltd. based on an assessment of its growth potential and strategic value. This investment was made entirely with internal capital—without any external borrowing, collateralization, or encumbrances—and was undertaken not to pursue control or short-term gains, but with a view toward long-term growth and value enhancement of the company.
Nevertheless, we express deep regret over the current situation in which unfounded suspicions have been circulated regarding our legitimate investment activities. In some instances, these have escalated to malicious distortions, portraying us as the party seeking the company’s delisting. We must firmly clarify that such claims are entirely false. In reality, should a delisting occur, we would be the party to suffer the greatest financial harm.
From a legal perspective, the current matter involves the following critical issues:
First, the presumption of innocence is a fundamental principle enshrined in Article 27 of the Constitution of the Republic of Korea, the 5th and 14th Amendments of the U.S. Constitution, and Article 6 of the European Convention on Human Rights. Any unilateral sanctions against individuals or entities without proof of wrongdoing clearly constitute a violation of constitutional and legal rights.
Second, under the principle of property rights protection—reflected in Article 23 of the Korean Constitution and corresponding U.S. constitutional guarantees—any infringement on the rights of private investors without due legal process or compensation is a violation of both domestic and international law.
Third, Chapter 11 of the Korea-U.S. Free Trade Agreement (KORUS FTA) clearly stipulates fair treatment of investors, free transfer of capital, prohibition of forced technology transfers, appropriate compensation in cases of expropriation, and access to international arbitration (ISDS). These protections apply equally to U.S.-based investors such as ourselves.
Fourth, while we fully understand and respect that the Korea Exchange (KRX) has a regulatory role in maintaining corporate transparency and market stability, we respectfully suggest that such measures be taken with heightened procedural caution when based solely on unsubstantiated allegations. In particular, actions as consequential as delisting must be based on verified facts and objective standards in order to maintain the trust of the broader market.
Furthermore, we are concerned by the implication of delisting conveyed in certain recent correspondences from the Exchange, and by indications that illegal demands may have been presented as preconditions for resumption of trading. These may constitute unconstitutional demands and serious legal violations, not only against our company but also against over 14,000 shareholders.
Additionally, the request for submission of a complete list of investors in our fund is in direct violation of U.S. federal and state laws, as well as the confidentiality provisions in our Operating Agreement and Subscription Agreement. In particular, jurisdictions such as California impose extremely strict requirements for the protection of investor information, and unauthorized disclosure may result in significant civil and criminal liability.
Despite this, due to increasing misunderstandings and pressures from certain minority shareholders and external stakeholders, we feel it is necessary to formally express our current position after careful consideration.
At present, multiple interpretations and claims are circulating, giving rise to concerns over whether legal consistency and internationally accepted investment protection standards are being adequately observed. As such, we are seriously evaluating how best to fulfill our responsibilities as an investor. We are now at a critical decision point: whether to continue pursuing our legal rights to the end, or to prioritize shareholder protection and the company’s viability by facilitating a structured and cooperative exit.
Moreover, the growing suspicion and withdrawal requests from some minority shareholders are significantly undermining our confidence and willingness to continue. As a result, the legal and psychological burdens we are forced to bear in our efforts to protect the interests of the broader shareholder base are becoming increasingly unsustainable.
In this context, we are prepared to cooperate in the process of a change in control—under the condition that such cooperation ensures the protection of all shareholders, the recovery of our investment capital, and a fair and orderly transition. These conditions do not represent special or excessive demands. Rather, they reflect internationally recognized investment standards and legal rights, and would be reasonably expected by any responsible investor under comparable circumstances. This approach is also foundational to preserving market predictability and investor protection. Additionally, we wish to clarify that at no point has our company ever requested or referred to any ‘control premium’ in connection with our investment. Any suggestion to that effect is entirely unrelated to our official position.
We therefore respectfully propose the following conditions:
1. Clear and Guaranteed Recovery of Our Investment Principal
This is a fundamental principle of investor protection and a core requirement for ensuring legal and contractual stability. Failure to recover funds invested in accordance with valid agreements would severely damage market trust and hinder future domestic and foreign investment.
2. Selection of a New Controlling Shareholder through a Transparent and Fair Process
The stable transition of control through open procedures is essential for market predictability and governance continuity. Non-transparent transfers could cause sharp volatility, destabilize minority shareholders, and damage the Exchange’s regulatory credibility.
3. Formulation of a Restructuring Plan by an Independent Board Trusted by Shareholders and the Exchange
This is central to improved corporate governance. An independent board, free from past entanglements, is essential to protecting shareholder rights and enabling long-term recovery.
4. Guaranteed Prior Consultation and Consent at Each Stage of the Transition
As a major investor with clear legal rights and interests, we must be consulted in all material matters. Excluding us from the process may raise legal enforceability issues. Prior consultation is the basis of procedural fairness and contractual integrity.
Quantum Wealth Management LLC remains committed to acting as a responsible investor with both legal and ethical integrity. We are open to constructive engagement with the Korea Exchange, DKME Co., Ltd., and all stakeholders. We sincerely hope this matter will be resolved in a manner consistent with international norms for investor protection and corporate accountability.
Thank you.
July 1, 2025
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