Following Osstem Implant, KOSPI-listed Kyeyang Electric Co., Ltd. also experienced embezzlement of tens of billions of won, and stock trading is scheduled to be suspended.
On the 15th, Gyeyang Electric announced that it had sued Kim, an employee of its finance team, on charges of embezzlement worth 24 billion won (violation of the Act on the Aggravated Punishment of Specific Economic Crimes, etc.). Accordingly, the trading of Gyeyang Electric will be suspended from the 16th.
The estimated amount of Kim’s embezzlement announced this time is 24.5 billion won, which is 12.7% of Kyeyang Electric’s equity capital of 192.5 billion won.
Keiyang Electric said, “We plan to take action in accordance with the due process in relation to this case.”
yunhap newsThe Korea Exchange announced on the same day that the reason for the substantive examination of listing eligibility occurred in the previous period and explained that it would suspend trading of the stock from the 16th.
The KRX plans to decide whether or not Kyeyang Electric is subject to deliberation by the Corporate Review Committee by the 10th of next month.