Osstem Implant stock trade suspended after employee embezzlement

Trading of Kosdaq-listed Osstem Implant Co. shares have been suspended from Monday upon police investigation into financial crime with a staff accused of embezzling corporate fund nearing its equity capital.

According to its disclosure on Monday, the South Korean dental implants maker sued an employee in charge of fund management for embezzling 188 billion won ($157.7 million) in corporate capital on Dec. 31. The amount is equivalent to 91.81 percent of the equity capital, or 204.76 billion won.

After the company came under a shameful spotlight, the exchange suspended trading of its shares at 8:35 a.m. on the secondary Kosdaq.

Embezzlement was committed by one employee responsible for fund management. Further details and changes will be disclosed, said Osstem Implant.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]