'Choi Shin-won Arrested and Indicted' SKC Suspended Trading... "Considering All Possible Measures"
[Asia Economy Reporter Hwang Yoon-joo] SKC, whose stock trading has been suspended since the 5th due to allegations of breach of trust and embezzlement against Choi Seon-won, Chairman of SK Networks, announced that it will do its best to normalize the situation.
SKC stated, "We regret causing inconvenience and concern," and added, "We will sincerely comply with the procedures of the Korea Exchange going forward, take all possible measures to ensure that the suspension period is ended early, and execute them swiftly."
On the same day, the Seoul Central District Prosecutors' Office indicted and arrested Choi Seon-won, Chairman of SK Networks, on charges of embezzling and breaching trust involving approximately 223.5 billion KRW from six companies he operates, including SK Networks, SKC, and SK Telesys.
Chairman Choi served as the chairman of SKC from 2000 to 2015 and has been serving as the chairman of SK Networks since 2016.
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SKC commented, "This matter arose from past events and we must await the court's judgment, but we believe it will not affect the company's current business operations or future growth."
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