[Exclusive] Jung Jun-seok, Outside Director of Osstem Implant, Resigns from EY Hanyoung Vice Chairman Position

[Asia Economy Reporter Park So-yeon] Jung Joon-seok, an outside director of Osstem Implant, has resigned from his position as Vice Chairman (non-executive management advisor) of EY Han Young Accounting Corporation.

According to EY Han Young Accounting Corporation on the 10th, Director Jung Joon-seok recently expressed his intention to step down from the vice chairman position at EY Han Young, and his resignation was accepted on the same day.

Director Jung came under scrutiny following the recent embezzlement case involving Osstem Implant amounting to 198 billion KRW, as accounting experts on the board were criticized for failing to properly enforce internal controls.

Currently, the Osstem Implant board of directors consists of five members: three inside directors including CEO Eom Tae-gwan, and two outside directors.

The board members include CEO Eom, Hong Seong-jo, Head of Production Division, Kang Du-won, Head of Sales (all inside directors), Shin Jeong-wook, Professor of Biomedical Engineering at Inje University, and Jung Joon-seok, Vice Chairman of EY Han Young (both outside directors).

Among them, Director Jung notably served as Director of Trade and Investment at the Ministry of Industry and Resources, elected Vice Chairman of the Korean Institute of Certified Public Accountants, and held the position of vice chairman at an accounting firm.

Criticism arose over the failure to properly implement internal controls such as accounting and fund management despite having an accounting firm vice chairman as an outside director.

Recently, courts have been holding board members, including CEOs, accountable for negligence in compliance monitoring such as poor internal controls.

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