The Korea Exchange (KRX) has officially confirmed the delisting of Ssangbangwool, which had its trading suspended on the 11th due to allegations of embezzlement and breach of trust by its management.
On this day, the KRX held a Listing Disclosure Committee meeting to review whether Ssangbangwool should maintain its listing. Considering the company's sustainability and management transparency, the committee decided to proceed with delisting.
Ssangbangwool became subject to a substantive review of listing eligibility after allegations of embezzlement and breach of trust were disclosed on July 7 last year. Following a review by the Corporate Review Committee, the decision to delist the company was made on September 15 of the same year. However, the company filed an objection. Nevertheless, the KRX ultimately confirmed the delisting, citing insufficient implementation of the improvement plan.
Meanwhile, the delisting process for Gwanglim, the major shareholder of Ssangbangwool, has been put on hold due to legal procedures.
The KRX determined that Gwanglim met the criteria for delisting and issued a related notice. However, as Gwanglim filed for an injunction to suspend the delisting, the delisting and liquidation trading process has been postponed until the court's decision.
With the delisting decision, losses are expected for Ssangbangwool’s shareholders. The KRX has stated that it will continue to review measures to protect investors.
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KRX Confirms Delisting of Ssangbangwool Due to Embezzlement and Breach of Trust
The Korea Exchange (KRX) has officially confirmed the delisting of Ssangbangwool, which had its trading suspended on the 11th due to allegations of embezzlemen
www.sankyungtoday.com
