Hurim Robot has distanced itself from allegations of stock price manipulation involving Sambu Construction.
On the 12th, Hurim Robot stated in an official position, “Our company is completely unrelated to the Sambu Construction stock price manipulation case,” and added, “We will consider all legal measures if baseless suspicions are spread.”
According to the company, the controversy surrounding the Sambu Construction stock price manipulation centers on a sharp rise in stock prices between May and July 2023. However, Hurim Robot has no connection to that period and had already sold approximately 14.4 million shares of Sambu Construction stock (11.6% stake at the time) on the market between March 24 and April 4, 2022, which was disclosed on April 4, 2022.
Hurim Robot emphasized, “There is more than a one-year gap between the timing of the stock price manipulation allegations and our stock sale,” and stated, “Linking Hurim Robot to the stock price surge that occurred after we had completely divested our shares is a clear distortion of facts.”
The relationship between Hurim Robot and Sambu Construction dates back to 2017. At that time, Hurim Robot (formerly DST Robot) obtained approval from the Seoul Bankruptcy Court on September 15, 2017, to enter into an M&A agreement with Sambu Construction, and on September 22, acquired approximately 2.88 million new shares of Sambu Construction (15.6% stake at the time) through a third-party paid-in capital increase.
Subsequently, on September 23, 2019, the number of shares held increased due to a stock split (par value from 5,000 KRW to 1,000 KRW), but Hurim Robot completely divested its stake in Sambu Construction between March 24 and April 4, 2022.
In particular, Hurim Robot strongly denied allegations linking it to former investment company CEO Lee, who is under investigation by the Financial Supervisory Service. A Hurim Robot representative stated, “There was no stock trading or any form of business relationship with former CEO Lee, and there is no basis for such claims.”
They continued, “Nevertheless, some media outlets have seriously defamed us by reporting as if our company is connected to the case based on baseless secret recordings,” and added, “We are considering strong responses, including legal action.”
Regarding the recent controversy over the acquisition of EQCell, Hurim Robot emphasized that the transaction was conducted legitimately through thorough legal procedures.
According to the company, Hurim Robot was selected as the preferred negotiation partner for EQCell through a public sale process led by Samil Accounting Corporation on January 19, 2024, and subsequently signed a stock transfer agreement with the existing largest shareholder on October 25, 2024, becoming the largest shareholder.
Hurim Robot explained, “Former CEO Lee never intervened even once during this process, and there is clear evidence to prove this.”
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