Chorokbaem Media to challenge Kosdaq delisting

Chorokbaem Media, a Korean production company, will file an objection to the Korea Exchange's decision to delist the firm. The objection will emphasize the company's stable financial structure and current management transparency.

Chorokbaem Media logo [JOONGANG PHOTO]

Chorokbaem Media, a Kosdaq-listed production company, intends to file an objection to the Korea Exchange's decision to delist the firm.

“We will submit an objection regarding the delisting to the Kosdaq Market Listing Committee of the Korea Exchange as soon as possible,” said Chorokbaem Media in a press release on Wednesday.

“After being subject to a review of listing eligibility in July this year, we faithfully participated in the related investigation and also submitted a management improvement plan requested by the Korea Exchange,” said an official from the company. “In the objection we plan to file, we will more strongly express our company’s stable financial structure, business continuity plans and management transparency.”

Former Chorokbaem Group Chairman Won Young-sik was arrested and indicted in July on charges of breach of trust and violation of the Financial Investment Services and Capital Markets Act. On June 28, trading of Chorokbaem Media's stocks was suspended as the prosecution requested a warrant for Won's arrest.

Chorokbaem Group declared that it would run independently of Won’s influence after he was arrested.

Chorokbaem Media was founded in 1998 and has produced hit dramas such as “All In” (2003), “The Slave Hunters” (2010), “My Mister” (2018) and “Penthouse” (2020-2021).

BY LIM JEONG-WON [lim.jeongwon@joongang.co.kr]