Deutsche Motors "The First Trial Verdict for Former Chairman Kwon Oh-soo Is Unrelated to Corporate Management"

[Asia Economy Reporter Jang Hyowon] Deutsche Motors officially stated on the morning of the 10th that the first trial verdict for former chairman Kwon Osu, who was indicted for violating the Capital Markets and Financial Investment Services Act (Capital Markets Act), is "unrelated to the company's business or management."

The company emphasized, "Former Chairman Kwon voluntarily stepped down from his position in November 2021 to protect the company, shareholders, and investors, and has not been involved in management at all since then," adding, "Under the current leadership of CEO Kwon Hyukmin, the company is achieving structural growth by strengthening its online and offline platform capabilities and expanding its multi-brand strategy through the efforts of all employees."

Former Chairman Kwon Osu was indicted in December 2021 on charges of artificially boosting Deutsche Motors' stock price for about three years starting from the end of 2009 and had been undergoing trial until the first trial verdict was delivered on this day. He plans to continue asserting his innocence through an appeal.

Deutsche Motors, a company that has grown based on imported car sales and A/S services, has established itself as a comprehensive platform company covering all areas of the automobile distribution industry, including new imported car sales, online and offline used car sales, and installment financing. The company aims to achieve sustainable growth in the domestic automobile market by strengthening the competitiveness of its core businesses and securing new growth engines.