Dios Tech, Former CEO Accused of Breach of Trust "Current Management Unaffected... No Business Disruption"

[Asia Economy Reporter Yoo Hyun-seok] DiosTech announced on the 17th regarding the disclosure of inquiry about former CEO Jo's embezzlement charges, stating, "We have confirmed the indictment related to embezzlement," and added, "It is currently unrelated to the management, and there is no disruption to ongoing businesses."

The company stated, "The period during which the prosecution raised charges against Mr. Jo was before the merger of DiosTech (former Tellus, surviving corporation) and DiosTech (extinct corporation)," emphasizing, "The charges against Mr. Jo are completely unrelated to the current management." They also explained that the matter has already been accounted for as a loss in accounting terms and has no impact on the current financial statements.

The predecessor of DiosTech (surviving corporation) was ChaDiosTech, which was spun off from ChaBio & DiosTech in 2014. Since December 2015, the company changed its name from 'ChaDiosTech → Onda Entertainment → Tellus.' In April last year, it absorbed DiosTech (extinct corporation) through a merger, changing from Tellus to the current DiosTech.

After the merger, DiosTech is expanding its production capacity, supported by the favorable smartphone camera lens market. DiosTech is expanding its lens module production capacity to 250 million units annually this year, aiming to secure market leadership.

A company representative expressed regret, saying, "It is unfortunate that an unsavory incident involving past management occurred amid improving business conditions and corporate fundamentals," and added, "There is no disruption whatsoever to current activities such as lens production and sales."

They continued, "DiosTech is solidifying its leading position among major clients, including the largest smartphone manufacturers in Korea," and emphasized, "We will strive to minimize the impact on our shareholders."

This content was produced with the assistance of AI translation services.