An employee of South Korean dental implant maker Osstem Implant embezzled KRW 188 billion of corporate funds.
Osstem Implant said on January 3 that it sued its money management staff on charges of embezzling corporate funds.
The estimated amount of embezzlement by the employee is KRW 188 billion won, which is 91.8% of the company's KRW 204.7 billion won of equity capital. It is estimated that the amount is the highest ever in the case of embezzlement at a listed company.
The Korea Exchange suspended stock trading, stating that Osstem Implant was subject to a substantive review of listing eligibility.
If the amount of embezzlement of more than 5% of equity capital occurs, the Korea Exchange suspends trading and decides whether or not to be included in the delisting substantive review.