2023-10-27 07:10:00
Mr. Yoon and Mr. Lee, who are suspected of price manipulation in connection with the suspicion of unfair trading at Youngpoong Paper, are appearing at the Seoul Southern District Court in Yangcheon-gu on the morning of the 20th to be interrogated (substantive warrant review) before arrest. yunhap news
Youngpoong Paper, which resumed trading after suspension due to suspicions of unfair trading, recorded the lowest price for two consecutive days.
In the stock market on the 27th, Youngpoong Paper closed at 16,650 won, down 7,100 won (29.89%). On the previous day, the first day of trading resumption, Youngpoong Paper recorded the lowest price by finishing trading at 23,750 won, down 10,150 won (29.94%) from the previous trading day.
Youngpoong Paper was sold at the lower limit price again on this day, but there was almost no trading. On this day, 18.52 million shares were sold at Youngpoong Paper’s lower limit price. This is more than 40% of Youngpoong Paper’s available shares (44.167 million shares).
Naver Finance screen capture
Daeyang Metal, the largest shareholder with a 45% stake in Youngpoong Paper, avoided the lower price limit on this day. Daeyang Metal closed trading at 1,283 won, down 292 won (18.54%) on this day. Previously, Daeyang Metal hit the lowest price by ending trading at 1,575 won, down 675 won (30.00%) from the previous day.
Youngpoong Paper’s stock price soared 730% this year, but suddenly hit its lowest price on the 18th. Daeyang Metal, the majority shareholder of Youngpoong Paper, also hit the lowest price on the same day. Accordingly, the Korea Exchange suspended the trading of Youngpoong Paper and Daeyang Metal from the 19th for reasons of investor protection.
Afterwards, it was reported that the financial authorities had already been investigating suspicions of stock price manipulation related to Youngpoong Paper since July and August of last year. The financial authorities handed over the case to the prosecution, and the Seoul Southern District Prosecutors’ Office is currently investigating the case, including arresting four people suspected of stock price manipulation.
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