The Securities and Futures Commission imposes fines on DST and Kyungbang for failing to disclose real estate appraisal opinions

[Asia Economy Reporter Ji Yeon-jin] The Securities and Futures Commission under the Financial Services Commission held its 13th regular meeting on the 30th and decided to impose fines of 6.4 million KRW and 3.1 million KRW respectively on the KOSDAQ-listed company DST and the KOSPI-listed company Kyungbang for violating disclosure obligations.

DST resolved at its board meeting on July 31, 2019, to acquire real estate located in Chungcheongnam-do for 12.2 billion KRW, and submitted a major event report without including the external appraiser's evaluation opinion on the important matter of the acquisition price.

Kyungbang also resolved at its board meeting on December 16 of the same year to transfer real estate located in Gyeonggi-do for 155 billion KRW, and submitted a major event report but did not include the external appraiser's evaluation opinion on the transfer price.

The Securities and Futures Commission emphasized, "Corporations subject to business report submission must submit a major event report including the external appraiser's evaluation opinion to the Financial Services Commission by the day following the resolution date if the asset amount to be acquired or transferred is 10% or more of the total assets at the end of the most recent fiscal year (based on consolidated financial statements)."

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