[Asia Economy Reporter Myunghwan Lee] Ecopro BM and its affiliates, whose company officials are reportedly under prosecution investigation for suspected insider trading, are all falling sharply.
As of 10 a.m. on the 28th, Ecopro BM is trading at 298,800 KRW, down 8.37% from the previous day. Since the market opened, the stock has been on a downward trend, falling to as low as 293,600 KRW at one point.
The holding company Ecopro and its affiliate Ecopro HN are also unable to escape the downward trend. Ecopro is trading at 60,000 KRW, down 9.91% compared to the previous trading day. Ecopro HN is also down 11.51% from the previous day, trading at 44,200 KRW.
Meanwhile, key executives of Ecopro BM are under investigation by financial authorities and prosecutors for insider trading charges (violation of the Capital Markets Act). According to industry sources, Ecopro BM underwent an on-site investigation by the Financial Services Commission’s Capital Market Inspection Team around September last year.
Following reports related to the investigation, Ecopro BM acknowledged the investigation on its website on the 26th, stating, "Some executives and employees of Ecopro and its affiliates are under prosecution investigation for insider trading using undisclosed material information regarding Ecopro BM’s stock." It also stated, "We will take appropriate measures according to relevant laws and actively cooperate with the investigation throughout the ongoing process."
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