Poongsan is remaining ambiguous about rumors that it may sell its profitable munitions business so the chairman’s son, who holds U.S. citizenship, can take over management without violating Korean laws that restrict foreign nationals from running defense firms. Poongsan produces 155-millimeter artillery shells used in the K9 self-propelled howitzer, which has been exported to multiple countries, including Poland and Romania. According to industry sources and media reports, the copper products and munitions manufacturer emailed employees Thursday to reassure them that no decision had been made. Poongsan Vice Chairman Park Woo-dong, known as Chairman Ryu Jin’s right-hand man, reportedly told employees in the email that the rumors seemed to have been fueled by heightened attention in the financial market to the company’s possible restructuring plans. On Wednesday, local news outlets reported that Poongsan had hired U.S. investment bank Lazard, law firm Kim & Chang and accounting firm Samil PwC as advisers for the possible sale of its munitions business to a domestic defense company fo