Good performance and improved internal control measures
Osstem Implant shares, which were suspended due to a large-scale embezzlement case worth 220 billion won, will be sold once more from the 28th. About 40,000 minority shareholders, who had been stranded due to trading suspension, were relieved of an hour.
The Korea Exchange held a corporate review committee on the 27th and announced that it had decided to keep Osstem Implant listed. Accordingly, Osstem Implant will be traded normally on the KOSDAQ market from 9 am on the 28th. It will be resumed regarding four months following the transaction was suspended on January 3rd. However, the opening price is set once more between 50 and 200% of the closing price (142,700 won) on December 30 of last year and then sold.
Osstem Implant, the No. 1 implant company in Korea, announced that it had sued a money management employee who stole 221.5 billion won from the company in January of this year, on charges of embezzlement. The exchange explained that as a result of the deliberation, it was determined that the internal control method of Osstem Implant was significantly improved. Recently, Osstem Implant held a general meeting of shareholders and decided on issues such as the introduction of an audit committee and the establishment of an ethical management committee. In addition, following establishing an internal accounting management system, Samil Accounting Corporation received the opinion that this system was not a problem and submitted it to the exchange. The solid earnings also had an impact on the company’s decision to remain listed. Osstem Implant’s operating profit and sales in the first quarter (January to March) were KRW 51.2 billion and KRW 234.1 billion, respectively, up 100.5% and 36.5% from the same period last year.
Reporter Lee Sang-hwan payback@donga.com
