[Rebuttal Report] Allegations of Misconduct by Executives and Employees of Seoul Virtual Real Estate 'Second Seoul'

This newspaper previously reported in articles titled "NBT Subsidiary NCT Marketing, Former CEO Kwak and Seven Others Criminally Accused Regarding 'Second Seoul' Development" dated March 25 and April 4, that misconduct by former NCT Marketing CEO Kwak and executives involved in the development of the virtual real estate metaverse platform 'Second Seoul' was revealed.

In response, former CEO Kwak's side stated, "The allegations of breach of duty and other misconduct by the CEO and executives of NCT Marketing are currently under investigation as of April and have not been proven true. The date when Mr. Kwak disposed of his shares, January 25, 2022, is approximately one month after NBT discontinued the 'Second Seoul' service and dismissed Mr. Kwak on December 29, 2021. The disposal price was only 21,613 KRW."

This report is pursuant to the mediation by the Korea Press Arbitration Commission.