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SKC, whose stock trading has been suspended from the 5th, announced that it will do its best to normalize the situation. SKC was suspended from stock trading due to suspicion of embezzlement or misappropriation of SK Networks chairman Shin Shin-won.
On the 5th, SKC said, “We are sorry for the inconvenience and concern,” and said, “We will take all possible measures and quickly implement all possible measures so that the period of suspension of trading transactions is concluded early by diligently working on the procedures of the Korean exchange that will proceed in the future.”
Earlier on this day, the Seoul Central District Prosecutor’s Office indicted SK Networks Chairman Shin Shin-won under arrest on charges of appointment and embezzlement. It is said that Chairman Choi embezzled and appointed 2235 billion won worth of business from six companies operated by him, including SK Networks, SKC, and SK Telesys.
On the afternoon of this afternoon, the Korea Exchange Stock Market Headquarters imposed a ban on trading transactions with SKC and SK Networks in connection with the arrest prosecution of Chairman Shin Shin-won.
Then, by 6 p.m. on the 8th, in connection with the charges of embezzlement and dismissal of Chairman Shin Shin-won, he requested that the necessary information be confirmed and disclosed.
Immediately after the transaction suspension, SKC announced its position and pledged to strengthen the independence and authority of the board of directors and improve transparency by establishing an internal transaction committee within the board of directors. It also said that it would review and implement plans to improve shareholder value.
Meanwhile, the prosecution confiscated and searched the office of SK Group in Jongno-gu, Seoul on the charges of Chairman Choi. The key to the investigation is whether SK Group intervened in the process of raising Chairman Choi’s slush fund.
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