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[Alpha Biz=(Chicago) Reporter Kim Jisun] The Korea Exchange said on the 15th that it meets the criteria for delisting after it held a corporate review committee to review whether to maintain the listing eligibility of Ssangbangwool, whose trading was suspended on charges of embezzlement and breach of trust.
The exchange decided that Ssangbangwool meets the delisting standard after comprehensively considering Ssangbangwool's ▲ continuity of the company ▲ transparency in management ▲ realization of public interest and protection of investors. This is because the transparency of management rights needs to be supplemented by former chairman Kim Sung-tae's embezzlement and breach of trust, but the improvement plan is insufficient.
Since the prosecution's investigation revealed Kim's embezzlement and breach of trust earlier, the Korea Exchange reviewed whether to delist him or not as he was subject to a real review of his eligibility for listing.
If there is an objection, a securities market listing disclosure committee will be held within 20 days of receiving the objection to deliberate on whether to delist it. The objection expires on the 13th of this month.
Meanwhile, Kim was additionally indicted in July on charges of violating the Act on the Aggravated Punishment, etc. of Specific Economic Crimes. Kim's embezzlement and breach of trust charges amounted to 9.84 billion won, or 7.1 percent of Ssangbangwool's equity capital. This is the reason for the actual examination of eligibility for listing according to the regulations.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
