Exchange Decides to Delist Ssangbangwool Amid Kim Seong-tae's Embezzlement and Breach of Trust Charges

The Korea Exchange has decided to delist Ssangbangwool due to embezzlement and breach of trust by its management.

On the 15th, the Exchange announced, "After holding a Corporate Evaluation Committee meeting and comprehensively considering the company's improvement plan, business continuity, management transparency, and other public interest realizations and investor protections, it was decided that the company meets the criteria for delisting." This decision was made because the improvement plan was deemed insufficient amid the need to enhance transparency in management following embezzlement and breach of trust by former Chairman Kim Seong-tae.

[Image source=Yonhap News]

Earlier, in July, trading of Ssangbangwool was suspended due to embezzlement and breach of trust charges against former Chairman Kim. Kim was indicted on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust and embezzlement).

Ssangbangwool may file an objection with the Exchange within 15 business days from the date of receiving the delisting notice. If an objection is filed, the Exchange must hold a Listing Disclosure Committee meeting within 20 business days to review whether to proceed with the delisting.

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