HiSonic announced on the 7th that the current largest shareholder and management are not related to the imprisonment of the former management (G2 HiSonic) and that there is no negative impact on the company's management. In this regard, the company plans to take strong legal action against the spread of false information, erroneous reports, and defamation.
A company official stated, "The unjust enrichment by the G2 HiSonic management and false disclosures related to the expansion of the Vietnam factory, which were revived by some media, occurred in 2016. The prison sentences and fines imposed on former CEO Ryu and the former management related to these matters have nothing to do with the current major shareholders and management of HiSonic," adding, "We will take all legal measures, including requesting investigations by relevant authorities, against acts that damage corporate value through exaggeration and dissemination of false information."
Recently, the court ruling against the former management of HiSonic (G2 HiSonic), who issued 20 billion KRW worth of bonds with warrants (BW) targeting general investors during the 2016 management dispute and improperly used 19.4 billion KRW, was finalized. On the 12th of last month, the Supreme Court's 3rd Division upheld the original sentence of 3 years imprisonment and a fine of 10 billion KRW for former HiSonic CEO Mr. Ryu in the appeal trial.
According to the company, since this issue occurred before the change of the current largest shareholder, unnecessary misunderstandings have arisen, and they believe it is necessary to correct this. They are also actively considering changing the company name to prevent damage to shareholder value caused by unnecessary misunderstandings.
HiSonic's largest shareholder changed in July 2022 when HS Holdings (formerly Anno28) acquired a 30.54% stake (currently 26.77%). Additionally, due to the above incident caused by the former major shareholder, the company underwent a substantial review of listing eligibility and resumed trading in March last year.
A company official explained, "This ruling, which has nothing to do with the current management, does not have any negative impact on the company, the current major shareholder, or management, so we hope there will be no unnecessary concerns," adding, "We plan to respond strongly to any malicious reports that defame HiSonic or damage its image."
They continued, "We sincerely apologize for causing confusion and concern to shareholders due to actions by the former management," and added, "This matter is unrelated to the current largest shareholder, management, and the ongoing secondary battery businesses. We will actively respond to malicious false reports, defamation, and speculative coverage that damage corporate and shareholder value, and we will repay with tangible business achievements."
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