SK Telecom Says "No Problem at All" Amid Nanox Controversy

Nanox Involved in Technology Fraud Allegations
2nd Largest Shareholder SKT: "Investors Already Verified"

[Asia Economy Reporter Koo Chae-eun] SK Telecom, the second largest shareholder of Nano-x, a next-generation digital X-ray company, has stated that there is "absolutely no problem" regarding the technology fraud allegations raised by U.S. short-selling forces.

On the 24th, SK Telecom commented on the technology fraud allegations against Nano-x, saying, "Investors have already verified and are aware of its potential," and added, "(This issue) has no impact whatsoever on the investors' partnership." They also mentioned, "The specific response related to the technology fraud allegations will be handled by Nano-x."

Earlier, Muddy Waters, a short-selling group, claimed, "Nano-x appears to have taken someone's chest video and manipulated it to make it look like their next-generation digital X-ray imaging device is real," and concluded that "Nano-x is a company that has nothing to sell except its stock."

However, the investment industry views this as a rite of passage for startups possessing new technologies. The Yozma Fund, which invested in Nano-x, stated, "Not only SK Telecom but also global companies such as Japan's Fujifilm and Taiwan's Foxconn have invested after verification, and global firms like BlackRock have also participated as investors."

Meanwhile, SK Telecom invested $23 million (approximately 27.3 billion KRW) in Nano-x twice, in June last year and June this year. SK Telecom plans to build Nano-x's core semiconductor manufacturing plant in Korea and is preparing various joint projects utilizing 5G communication technology and artificial intelligence (AI).

Park Jung-ho, CEO of SK Telecom who joined the Nano-x board of directors, was granted stock options for 100,000 shares of Nano-x in the fourth quarter of last year. Additionally, Kim Il-woong, CEO of SK Telecom's Hong Kong branch who has been responsible for business consulting since Nano-x's founding, also received stock options for 1,206,290 shares of Nano-x.