Chairman Kim Ik-rae's Public Apology: "Resignation as Chairman, 60.5 Billion Won from Stock Sale to be Donated to Society"

Kim Ik-rae, Chairman of Daou Kiwoom Group, held a public apology press conference at 6:45 p.m. on the 4th at the Kiwoom Securities headquarters in Yeouido, Seoul, regarding the recently raised allegations of stock price manipulation, and announced his intention to resign from the chairman position. He promised to donate the proceeds from the sale of Daou Data shares (worth approximately 60.5 billion KRW) to society.

Kim Ik-rae, Chairman of Daou Kiwoom Group, bows his head during a press conference on the afternoon of the 4th at the Kiwoom Securities headquarters in Yeouido, Seoul, regarding the recent stock price crash caused by the foreign securities firm Soci?t? G?n?rale (SG) Securities.
[Photo by Yonhap News]

Chairman Kim stated, "As a businessperson who is required to uphold high moral responsibility, I apologize for causing social controversy," and added, "I will resign from the chairman position." This means he will step down as Chairman of Daou Kiwoom Group and from the Board of Directors. He also said, "I intend to donate the proceeds from the sale of Daou Data shares to society," and "I will actively and sincerely cooperate with the upcoming financial authorities' investigation."

However, he did not disclose specific methods of social donation at the press conference.

He also expressed feelings of injustice. Chairman Kim said, "We tried to clarify the malicious claims raised about our recent stock sale with objective evidence, but the controversy continues," adding, "I believe the current situation is burdensome to all stakeholders and the public. Even though there was no legal issue in the sales process, I deeply regret causing a sense of loss to everyone, and I have decided to resign taking responsibility for this."

Finally, Chairman Kim bowed his head and said, "Having managed the company for nearly 40 years, I have always prioritized customer trust. Although I am stepping down now, Daou Kiwoom Group’s commitment to valuing customers will not change, and I will support the group to become a company that earns even greater trust from the public in the future."

Earlier, Kim, a registered director of Kiwoom Securities, sold 1.4 million shares of Daou Data, the holding company of Daou Kiwoom Group, through an off-hours block trade just before the stock price plummeted, cashing out 60.5 billion KRW. This raised suspicions that Chairman Kim anticipated the stock price crash and sold in advance. Ra Deok-yeon, head of an investment advisory firm, pointed to him as the mastermind behind the massive limit-down incident. The Financial Supervisory Service is currently investigating whether Kim was involved in the stock price crash triggered by Soci?t? G?n?rale (SG) Securities.

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