Ostem Implant "Last Year's Net Profit, Hundreds of Billions Despite Embezzlement Loss"

[Asia Economy Reporter Lee Seon-ae] Ostem Implant announced on the 19th that "last year's consolidated net profit is expected to be several hundred billion won or more when considering the embezzlement amount of 221.5 billion won disclosed on the 10th, of which 33.5 billion won has already been recovered, as well as losses due to police investigations and media reports."

Ostem Implant corrected the performance reported by a media outlet the previous day, stating, "As of the end of the third quarter last year, cash and cash equivalents including cash and short-term financial assets amounted to 292.6 billion won on a separate basis and 455.3 billion won on a consolidated basis," and "annual sales were 429.3 billion won on a separate basis and 631.6 billion won on a consolidated basis."

They added, "Including subsidiaries, sales and operating profit are expected to have exceeded 700 billion won and 100 billion won respectively by the end of last year," and "we will disclose again once we receive an external lawyer's opinion on the embezzlement loss amount."

Furthermore, they stated, "We have started improvement work together with external experts regarding the internal accounting management system," and "including this, we will strongly establish an internal control system to prevent all possible fraud and accounting error risks in advance and improve the accuracy and reliability of financial reporting."