Controversy over delisting of Samsung Bio is heating up
Controversy over delisting of Samsung Bio is heating up
  • Lee Jun-sung
  • 승인 2018.12.10 12:45
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As the Korea Exchange's main screening to decide whether or not to delist Samsung Biologics (Samsung Bio) comes nearer, controversy over the issue has been heating up.

According to the Korea Exchange on Dec. 9, the committee has recently completed the formation of a corporate review committee to screen whether Samsung Bio will be delisted or not, and plans to hold a committee meeting at the earliest of this week.

The committee will consist of six out of 15 judges, including professors, accountants, and lawyers, and one Korea Exchange official.

As the fate of Samsung Bio is approaching, controversy over whether or not to delist the company is heating up.

Opponents of the delisting say, "If a large listed company with a market capitalization of 20 trillion won is delisted, the adverse effects on the market and the damage to small shareholders should be considered," adding, "The delisting is excessive."

As of the end of last year, Samsung Bio's small shareholders numbered 78,640, with 7.11 million shares (Equity ratio of 10.74 percent) valued at 2.63 trillion won. 

However, proponents of the delisting argue that it is inevitable to secure transparency and reliability in the stock market.

In a petition posted on the Cheong Wa Dae website titled, "Why Samsung Bio should be delisted?" they pointed out that trust in the stock market is the most important. The stock market is not the one on which only we deal with stocks. If the trust is collapsed, who would invest abroad?"

Since the Securities and Futures Commission under the Financial Services Commission concluded on Nov. 14 that Samsung Bio intentionally committed accounting fraud, more than 300 petitions and suggestions related to the company have been posted on the Cheong Wa Dae's public petition board. Many of them call for severe punishment, including the delisting.

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