JW Biotech "Recent Embezzlement and Breach of Trust Disclosure Unrelated to Current Management"

[Asia Economy Reporter Jang Hyowon] Biotechnology specialist company GW Biotech (CEO Yang Jaewon) announced on the 19th that the ‘progress on embezzlement and breach of trust charges’ disclosed on the 18th is a disclosure made in accordance with regulations regarding a past lawsuit and is unrelated to current management.

A company official stated, “The embezzlement and breach of trust case occurred in October 2020, during a period when trading was suspended due to a refusal of audit opinion,” and added, “After a comprehensive review including the embezzlement and breach of trust case, all regulations were met and trading resumed, so it is unrelated to current management and there is no need to worry.”

He further explained, “An appeal trial is scheduled to proceed due to the opposing party’s appeal,” and added, “Once the court ruling is finalized, procedures to recover the embezzled and breached amount of 18.3 billion KRW will be carried out.”