PHC Confirms Indictment for Former Internal Director's 54.2 Billion KRW Breach of Trust

[Asia Economy Reporter Kim Young-won] PHC confirmed on the 1st through a public disclosure that it has filed a lawsuit accusing former inside director Kim Mo of breach of trust involving 54.2 billion KRW.

According to the details of the indictment, Kim Mo is accused of causing property damage worth approximately 18.2 billion KRW to the company by purchasing certain stocks held by the company's related parties at an inflated price. He is also accused of causing the company a loss of about 36 billion KRW by exercising a convertible bond call option, reissuing at a low price, thereby enabling certain individuals to gain financial benefits. The company stated that it will respond according to proper legal procedures regarding this matter.