Dong-A’s spin-off plan stirs controversy

Dong-A Pharma is grappling with controversy over corporate governance as it plans to set up a holding company and put its cash cow energy drink business, Bacchus, under an unlisted firm.

The case is drawing more attention as a group of minority shareholders have deprecated Dong-A’s reorganization scheme, claiming it would only tighten the chairman’s family’s control over the group’s top asse...