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| ▲ The corporate logo of Osstem Implant Co. (PHOTO NOT FOR SALE) (Yonhap) |
bourse operator-Osstem Implant
Bourse operator to review whether to delist shares of Osstem Implant
By Kim Han-joo
SEOUL, Feb. 17 (Yonhap) -- South Korea's bourse operator said Thursday it will review whether to delist shares of implant maker Osstem Implant Co., which is embroiled in a large-scale embezzlement scandal, from the secondary stock market.
The Korea Exchange said it will make a decision within 20 business days over whether shares of Osstem Implant will be delisted or given a one-year grace period to improve business performance.
The deliberation session could be postponed if the company submits plans to overhaul business operations within 15 days.
Trading of Osstem Implant shares has been suspended on the secondary KOSDAQ market since January due to allegations that a company employee embezzled a large amount of corporate funds.
The employee in charge of managing corporate funds, only identified by his surname Lee, allegedly embezzled 221 billion won (US$185 million).
The Korea Exchange suspends stock trading of a company and reviews whether to delist its shares when the amount of embezzlement exceeds 5 percent of equity capital.
Osstem Implant said it will come up with business improvement plans soon to ensure transparent operations and do its best for the resumption of its stock trading.
Police are tracking the whereabouts of the embezzled money, with the possibility of the money being divided and transferred through multiple bank accounts.
Osstem Implant has repeatedly said that Lee had acted alone, but police suspect that the amount was too big to be stolen by a single team leader-level employee like him.
Established in 1997, Osstem Implant is the country's largest manufacturer of dental implants. The company also holds the largest market share in the Asia-Pacific region and is fourth in the global market.
Before the suspension of its stock trading, it was the twentieth highest-valued firm on the secondary market with market capitalization of some 2 trillion won.
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