Korea Exchange will review whether to delist biotech company SillaJen Inc. due to the indictment of embezzlement and breach of trust charges against its officials.
Company executives were suspected of avoiding massive losses by selling large amounts of stocks ahead of its regulatory filing in August 2019, using inside information that its key product Pexa-Vec failed clinical tests.
Prosecutors also suspect that former Sillajen CEO Moon Eun-sang acquired a stake in the company without any capital by taking over bonds with warrants.
Moon resigned last week as Sillajen CEO after a warrant of arrest was issued against him by the Seoul Southern District Court for using undisclosed information to sell SillaJen stocks and committing other irregularities.
The resignation was also perceived as a means to help SillaJen avoid a delisting.
Top managers’ alleged embezzlement can be a basis for a company to lose eligibility for listing on the stock market.
KOSDAQ has suspended trading of SillaJen stocks since May 4.


Pop Mart Shares Surge in Hong Kong After First Buyback in Nearly Two Years
TikTok Expands AI Age-Detection Technology Across Europe Amid Rising Regulatory Pressure
Federal Judge Clears Way for Jury Trial in Elon Musk’s Fraud Lawsuit Against OpenAI and Microsoft
White House Pressures PJM to Act as Data Center Energy Demand Threatens Grid Reliability
China Halts Shipments of Nvidia H200 AI Chips, Forcing Suppliers to Pause Production
Google Seeks Delay on Data-Sharing Order as It Appeals Landmark Antitrust Ruling
Trump Criticizes NYSE Texas Expansion, Calls Dallas Exchange a Blow to New York
Syrah Resources and Tesla Extend Deadline on Graphite Supply Dispute to March
U.S. Transportation Board Sends Union Pacific–Norfolk Southern Merger Back for Revision
Baidu Shares Rise in Hong Kong After Apollo Go Robotaxi Launch in Abu Dhabi
Micron to Buy Powerchip Fab for $1.8 Billion, Shares Surge Nearly 10%
Anthropic Appoints Former Microsoft Executive Irina Ghose to Lead India Expansion
Brazil Supreme Court Orders Asset Freeze of Nelson Tanure Amid Banco Master Investigation
Boeing Reaches Tentative Labor Deal With SPEEA Workers After Spirit AeroSystems Acquisition
Jamie Dimon Signals Possible Five More Years as JPMorgan CEO Amid Ongoing Succession Speculation
Publishers Seek to Join Lawsuit Against Google Over Alleged AI Copyright Infringement
Valentino Garavani Dies at 93, Leaving Behind the Timeless Legacy of Valentino Red 



