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The Korea Exchange, the country’s bourse operator, suspended trading of Himart shares on Monday over alleged embezzlement and corporate malpractice by the head of the home appliance retailer.
According to the KRX, Himart chairman Sun Jong-koo engaged in embezzlement and other irregularities amounting to about 259 billion won ($227 million), or 18.1 percent of the company’s total paid-in capital.
Citing the stock market regulations, the KRX halted the trading of Himart shares at 1:59 p.m.
As the scale of the embezzlement turned out to be greater than previously speculated, analysts said that investors are now watching whether Himart will be kicked off the stock market.
Sun had been under investigation for his alleged role in stashing company funds overseas to transfer wealth to his children while evading taxes. The prosecutors on Monday indicted Sun on charges of embezzlement and corporate malpractice.
By Yang Sung-jin (insight@heraldcorp.com)
According to the KRX, Himart chairman Sun Jong-koo engaged in embezzlement and other irregularities amounting to about 259 billion won ($227 million), or 18.1 percent of the company’s total paid-in capital.
Citing the stock market regulations, the KRX halted the trading of Himart shares at 1:59 p.m.
As the scale of the embezzlement turned out to be greater than previously speculated, analysts said that investors are now watching whether Himart will be kicked off the stock market.
Sun had been under investigation for his alleged role in stashing company funds overseas to transfer wealth to his children while evading taxes. The prosecutors on Monday indicted Sun on charges of embezzlement and corporate malpractice.
By Yang Sung-jin (insight@heraldcorp.com)
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Articles by Korea Herald
