Korea Corporation "Reports Filed by Current and Former Executives Are Merely One-Sided Claims"

[Asia Economy Reporter Jang Hyowon] On the 21st, Korea Corporation announced through a public disclosure that regarding the allegations of embezzlement and breach of trust by former and current executives requested by the Korea Exchange (KRX), "We have confirmed the complaint filed with the Seoul Central District Prosecutors' Office on the 17th, but no specific details have been confirmed."

A company official stated, "The matter is a unilateral claim by the complainants, and there has been no investigation by related investigative agencies so far," adding, "Most of the management rights dispute lawsuits that began in 2018 were dismissed or found not guilty, and the complainants joined at that time."

The official further said, "The complainants, who had been using corporate cards instead of receiving salaries due to credit delinquency, became dissatisfied when their cards were confiscated due to restructuring and have continuously threatened and extorted the company," and added, "When their demands were not met, they deliberately submitted complaints to defame the company."

Additionally, the official said, "We understand that some shareholders trying to seize management rights amid the confusion of the public sale also sympathized with this," and stated, "We will take strong and resolute legal actions, including countersuits for extortion, threats, and defamation."

Currently, Korea Corporation is conducting a public sale procedure through a new capital investment method. Related documents are being accepted until the 23rd, and the preferred negotiation candidate will be notified on the 24th.

The company explained that if the public sale proceeds smoothly, it will be able to inject large-scale funds to improve its financial structure, and a new owner will be able to manage the company stably, placing it in a favorable position to resume trading through re-audit.

The company stated, "The decision for the public sale is solely to enhance shareholder value through the prompt resumption of trading," and "It will be conducted transparently and fairly through a reputable accounting firm."

Meanwhile, Korea Corporation plans to immediately disclose any public announcement matters if specific details of the complaint are identified or if the prosecution confirms indictment. It will also take all necessary measures according to legal procedures and actively cooperate with investigations by related agencies.

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