Korean prosecutors raid Edisons in suspicious profiteering from SsangYong M&A attempt

[Source: Edison Motors]

Seoul Southern District Prosecutor’s Office on Tuesday raided the offices of Edison Motors and related entities as part of its investigation into the local electric bus maker for alleged unfair trading practices during its deal to buy SsangYong Motor, according to multiple sources from the legal circle. The FSS in July made a referral to the prosecution on a suspected case of unfair trade after the major shareholders of Edison EV, the financial backer of Edison Motors, had taken huge profits from selling their shares after the company stock price surged to as high as 82,400 won ($62.98) in November last year from 1,000 won in mid-May on news that Edison Motors signed a deal to buy SsangYong Motor, which later fell through.

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