Exchange Delays Decision on Resuming Ostem Implant Trading... To Resume Later (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] The resumption of trading for Osstem Implant, whose stock trading was suspended due to an embezzlement case involving 200 billion KRW, has been postponed.

On the 29th, the Korea Exchange Corporate Delisting Committee decided to continue the review of Osstem Implant's listing eligibility. The decision on whether to resume trading or delist Osstem Implant was deferred.

The committee discussed for four hours regarding the maintenance of Osstem Implant's listing but could not reach a conclusion.

The committee stated, "We plan to determine the company's listing eligibility after an external expert verifies the implementation results of governance improvements submitted by the company, as well as whether the internal accounting control system related to fund management is being properly operated."

Some members expressed the opinion that the listing should be maintained considering Osstem Implant's improved performance and sound financial condition, but there was a strong opposing view that the decision should be made after observing governance improvement efforts such as appointing outside directors and establishing various committees at the shareholders' meeting.

An exchange official explained, "Many opinions suggested that it is not too late to decide after observing the governance improvement efforts, including the improvement plan submitted by Osstem Implant, so the review will continue later."

Accordingly, the review is expected to resume after the shareholders' meeting on the 31st.

Previously, Osstem Implant faced a listing eligibility review after a former finance team leader, Mr. Lee (45), embezzled 221.5 billion KRW of company funds, leading to a suspension of trading since January 3rd. The embezzled amount is the largest in the history of the domestic stock market.

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