On October 9, 2023, Flashlight Capital Partners Pte. Ltd announced that earlier it has extended an open letter to KT&G Corporation urging enhanced transparency in investor relations particularly concerning the Company's profitability export businesses and the Company's response in May 2023, indicated that such disclosure would be delayed until more accurate data is available in order to protect shareholders' interest. In addition, Flashlight Capital released an official statement on its court injunctions against the Company filed on October 6, 2023, which seek the disclosure of information related to 1) export business profitability, 2) global distribution contract with Philip Morris International, and 3) conspicuous $19 million reported as consulting fee.

Further, Flashlight Capital is demanding clarification on the raising $19 million of consulting fees in 4Q 2022, a figure initially spotlighted by UBS in February 2023.