Osstem Implant, which had embezzled more than 200 billion won, was subject to delisting, and was unable to trade stocks for a while. Nearly 20,000 minority shareholders and investors of various funds suffered damage.
This is reporter Im Tae-woo.
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The Korea Exchange decided to hand over Osstem Implant to delisting after a month and a half of the first review.
The embezzlement is the largest ever, exceeding 220 billion won, and it is clear that the control system inside the company is not working, so it is necessary to check whether it is a listed company.
In addition, it seems to have taken into account the fact that it is difficult to resume the transaction as there is a high possibility that the audit report to be submitted at the end of next month due to the embezzlement case will contain ‘improper’ opinions.
The next step is the Corporate Review Committee, which will be held within 35 business days.
Here, you will decide between the first resumption of trading, the second giving time within a year to fix the problem, or the last delisting.
If a decision is made to abolish it, it will be handed over to the KOSDAQ Market Committee for final judgment.
Osstem Implant claims that it can recover a large portion of the embezzlement and that the business is in good shape.
[오스템임플란트 관계자 : 주식 거래가 재개될 수 있도록 회사는 최대한 노력을 할 거고요. 주식 가치가 제고될 수 있는 방법을 여러모로 찾고는 있습니다.]
However, stock trading is blocked during the review period lasting up to two years, and nearly 20,000 minority shareholders and fund investors cannot recover their investment.
Some investors are preparing damages lawsuits against the company and employees accused of embezzlement.