Inosis Faces 5.6 Billion KRW Embezzlement Allegations

[Asia Economy Reporter Myunghwan Lee] The Korea Exchange KOSDAQ Market Division announced on the 13th that former CEO Han Mo of Innosys and four others are suspected of violating the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust) involving approximately 5.6 billion KRW.

Along with this, the Exchange also announced that grounds for a substantive review of Innosys's listing eligibility have arisen.

Previously, Innosys responded on the 9th of last month to the Exchange's inquiry regarding allegations of breach of trust by the CEO, stating, "The dismissed CEO arbitrarily filed a complaint in the name of the corporation against the current CEO and others on charges of breach of trust," and added, "The case was dismissed (closed) before formal registration."