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Last month, following Osstem Implant, another large-scale embezzlement occurred at 'Gyeyang Electric', a listed company on the KOSPI.
As it was confirmed that an employee of the finance team stole 24.5 billion won, the trading of Keiyang Electric's stock was suspended.
This is reporter Jeon Yeon-nam.
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KOSPI listed company, Gyeyang Electric Factory.
It is the No. 1 company in Korea in the fields of chainsaws, electric drills, and automobile seat adjustment motors.
The company announced that it was confirmed that Mo Kim, an employee of the finance team, embezzled 24.5 billion won of company money.
It is equivalent to about 13% of Kyeyang Electric's capital of KRW 192 billion.
During the year-end audit, this employee is known to have admitted to embezzlement when it was found that the books and bank balances did not match.
[Gyeyang Electricity official: During the audit process, I asked the employee to get the (balance certificate) from the bank, but he did not submit it.
When I asked where it was used, he stated that he used it for gambling, stocks, bitcoin, and entertainment.]
The Korea Exchange has decided to suspend Keiyang Electric's stock trading and review whether to resume trading by the 10th of the next month.
The company's market capitalization is 116.9 billion won, and there are 11,900 minority shareholders, who own 44% of the company's stock.
Keiyang Electric said it would recover the embezzled amount and resume stock trading as soon as possible.
However, it has become difficult to avoid criticism that companies have poor accounting management due to a series of large-scale embezzlement accidents.
Tomorrow (17th), the results of the first review on the delisting of Osstem Implant, which has been suspended for a month and a half due to the embezzlement of 200 billion won, are expected to have a ripple effect.
(Video coverage: Park Hyun-cheol, Choi Dae-woong, video editing: Yoon Tae-ho)