Mediazen "Former CEO Embezzlement and Breach of Trust Allegations Are Malicious Distortions, Filing Complaints... Firm Response"

On the 7th, Mediazen announced regarding the disclosure inquiry about allegations of embezzlement and breach of trust by the former CEO, stating, "The newly appointed auditor, proposed by the largest shareholder, has filed a complaint against the former CEO for breach of trust and embezzlement," and added, "Although sufficient evidence was submitted to refute the allegations, a one-sided and malicious complaint was filed, resulting in the suspension of stock trading in accordance with exchange regulations."

The company explained that the business consulting contract and employee loans, which were conducted as part of normal business activities, were mischaracterized by the auditor as embezzlement and breach of trust by the former CEO. The company plans to take appropriate legal actions against the malicious complaint based on false facts submitted by the auditor and will actively cooperate with investigations by relevant authorities.

A Mediazen representative emphasized, "We will respond firmly to malicious actions that disrupt the company's normal business operations and damage shareholder value," and added, "We will strive to promptly clarify the situation to the Korea Exchange and work towards the resumption of trading to protect shareholder value."