Soribada Exempted from Penalties for Delayed Semiannual Report Submission Due to COVID-19

[Asia Economy Reporter Jang Hyowon] Soribada (CEO Jo Hogyeon) has received approval for exemption from sanctions for delayed submission of its semi-annual report.

The Financial Services Commission announced on the 15th of last month, in collaboration with the Financial Supervisory Service and the Korea Exchange, a policy to exempt administrative sanctions (such as fines) for companies unable to submit quarterly or semi-annual reports on time due to the impact of COVID-19. This measure was taken considering delays in closing accounts caused by lockdowns and entry restrictions affecting major business sites and subsidiaries located in China, Vietnam, and other countries.

Soribada experienced difficulties in submitting its semi-annual report due to an affiliated company based in Shenzhen, China, and applied for exemption from sanctions on the 24th of last month. Following a review by the Financial Supervisory Service, the exemption was finalized, allowing Soribada to submit its semi-annual report by the extended deadline of September 14, 30 days later than originally scheduled.

A Soribada representative stated, “Through a thorough review by the Financial Supervisory Service, we met the conditions for exemption from sanctions and submitted the semi-annual report within the extended period. We have disclosed the processing results to protect investors and minimize uncertainty.”

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