Bident Affiliate Substantive Review TF... "Will Take All Measures to Resume Transactions"

Recently, Vident and its affiliates announced on the 26th that they have taken concrete steps toward the swift resumption of trading, following the appointment of an emergency response committee chairman from the Financial Supervisory Service and the launch of a task force (TF) to respond to the substantive review.

As part of this effort, on the 25th, Vident held a “shareholders meeting” at its headquarters located in Geumcheon-gu, Seoul, in response to requests from minority shareholders who introduced themselves as the “Vident Stock Normalization Group,” providing an opportunity for communication.

The meeting was held from 10 a.m. for about two hours, attended by Im Jeong-geun, the emergency response committee chairman who is a former Financial Supervisory Service official and former prosecutor at the Seoul Southern District Prosecutors’ Office, the Vident affiliates’ TF, and about ten shareholders.

Currently, Vident and its affiliates have received a disclaimer of opinion from an external auditor, resulting in the suspension of stock trading. Consequently, they filed an objection with the Korea Exchange on the 20th. During this shareholders meeting, Vident and its affiliates discussed the progress of the objection and future measures with the shareholders. They also explained the lawful response procedures and plans, including the appeal filed with the Seoul Southern District Court on the 3rd and potential third-party objections.

In his opening remarks, Im Jeong-geun, the emergency response committee chairman, said, “Although we have responded sincerely to investigations by external agencies over the past six months, we regret to have caused disappointment and concern to our shareholders due to the negative outcome of a ‘disclaimer of audit opinion.’ All members of the TF and company executives and employees are doing their best, and we will continue to hold meetings like this regularly.”

Meanwhile, the Vident and affiliates’ TF plans to hold regular meetings regarding substantive review issues and progress on the resumption of trading. It was agreed to hold another shareholders meeting with the attendees during the second week of May. Detailed schedules related to future shareholders meetings will be announced in advance on the websites of Vident and its affiliates.