Smart Solutions Faces 16.4 Billion KRW Embezzlement Allegations... Additional Cause for Listing Substantive Review Added
[Asia Economy Reporter Myunghwan Lee] Smart Solutions announced on the 29th that it has filed a complaint against a current director, Mr. Lee, for violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (breach of trust).
The amount involved in embezzlement and breach of trust charges is 16.4 billion KRW, which corresponds to 25.58% of the company's equity capital.
The company stated, "We will take all necessary measures according to legal procedures regarding all matters following the submission of the complaint," and added, "We will actively cooperate with investigations by relevant authorities."
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Accordingly, the Korea Exchange KOSDAQ Market Division announced that an additional reason for a substantive review of listing eligibility has been added due to the occurrence of embezzlement and breach of trust charges against Smart Solutions.
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