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Osstem Implant, whose stock trading was suspended after a money management employee embezzled 188 billion won from the company, issued a statement in the name of the CEO and apologized to shareholders. However, in view of the size of the company’s cash equivalents, it argued that there was no problem in management activities.
Osstem Implant CEO Uhm Tae-gwan said in a statement on the 5th, “We bow our heads in apologies for causing concern to shareholders and customers due to this unprecedented situation. I will,” he said.
CEO Eom also apologized and said that the incident was not to the extent of seriously damaging Osstem Implant’s financial condition. Director Eom said, “If you see that the amount of embezzlement of 188 billion won is 91.8% of equity capital as of 2020, it seems that equity capital has almost disappeared, but in reality, this is not the case. said.
He said, “As of the end of September last year, excluding the amount of embezzlement of 188 billion won, the company has over 100 billion won in cash equivalents, and overseas subsidiaries also have 140 billion won in cash equivalents. There is no problem,” he claimed.
He continued, “If all of the embezzlement amount of 188 billion won is treated as a loss, the net profit could be recorded as a loss of tens of billions of won. will,” he said.
The Financial Supervisory Service announced on the same day that Osstem Implant was “monitoring the investigation status and whether the company’s financial statements were revised.” However, regarding some reports that the Financial Supervisory Service is considering canceling the registration of an auditor of a listed company at Induk Accounting Corporation, which was in charge of the designated auditing firm of Osstem Implant, or that it has launched an investigation into allegations of fraudulent submission of financial statements in the third quarter of last year, it said, “No decision has been made.” said.
Osstem Implant announced on the 3rd that it had filed a complaint with the Gangseo Police Station in Seoul for business embezzlement (violation of the Act on Aggravated Punishment of Specific Economic Crimes, etc.) The Korea Exchange announced that the reason for the substantive examination of listing eligibility had occurred due to the suspicion of embezzlement and breach of trust, and immediately suspended trading of Osstem Implant stock in the morning of the same day.