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Photo = Yonhap news |
[Alpha Biz= Paul Lee] Ssangbongul will be delisted from the stock market due to its involvement in the 'North Korea remittance' case. Earlier, Kwangrim, which had already been ordered to be delisted, had its trading suspension lifted through a court injunction.
The Korea Exchange announced on Tuesday that the listing committee of the Korea Stock Exchange decided to delist Ssangbongul. The delisting decision followed the company’s involvement in embezzlement and breach of trust, which led to the initiation of a substantive review. In September 2023, the company's listing was terminated after a review by the corporate review committee, but an appeal was made, granting an improvement period.
Kwangrim, Ssangbongul’s largest shareholder, had also faced a delisting decision from the KOSDAQ Market Committee on the 10th and was scheduled to begin an orderly trading process on the 12th. However, this was postponed after Kwangrim filed for an injunction to suspend the delisting decision.
Ssangbongul and Kwangrim have both been under delisting review for charges of embezzlement and breach of trust involving former Ssangbongul Chairman Kim Seong-tae and Ssangbongul Group Chairman Yang Seon-gil.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
