Exchange Announces Preliminary Designation of Ostem Implant as an Unfaithful Disclosure Corporation

[Asia Economy Reporter Ji Yeon-jin] The Korea Exchange KOSDAQ Market Headquarters announced on the 10th that it will designate Ostem Implant as a non-compliant disclosure corporation for incorrectly disclosing the amount related to embezzlement and breach of trust charges.

Ostem Implant disclosed on the 3rd of last month that it had filed a complaint against an employee in charge of fund management, Mr. Lee, for embezzlement in the course of duty (violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes), initially reporting the embezzled amount as 188 billion KRW, then corrected the disclosure to 221.5 billion KRW on the 10th of the same month.

The decision on whether to designate the company as a non-compliant disclosure corporation will be made by March 8.

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