Exchange Extends Deadline for Holding Account Committee on Gyeyang Electric's 24.5 Billion Won Employee Embezzlement Case

[Image source=Yonhap News]

[Asia Economy Reporter Lee Seon-ae] The Korea Exchange announced on the 7th that it will extend the deadline for holding the Corporate Review Committee (CRC) for Gyeyang Electric, where an employee embezzlement incident occurred, by one month (until May 7).

The Exchange stated, "On March 10, Gyeyang Electric was designated as a subject for CRC review, and the CRC should be held within 20 business days (by April 7). However, since the submission of the business report, which may affect the review results, is scheduled, the deadline is being extended," in a disclosure made the previous day.

Gyeyang Electric reported on February 15 that it had filed a complaint against its finance team employee, Mr. Kim, on charges of embezzlement (violation of the Act on the Aggravated Punishment of Specific Economic Crimes), resulting in grounds for a substantial review of listing eligibility and a suspension of trading. The trading of Gyeyang Electric’s stock will remain suspended until the decision on whether to maintain listing eligibility is made following the CRC review.

Meanwhile, the estimated embezzlement amount by the Gyeyang Electric employee is 24.5 billion KRW, which corresponds to 12.7% of Gyeyang Electric’s equity capital of 192.6 billion KRW.