Search results for Seoul Southern District Court
Finance
Delisting of penny stocks accelerates as target firms take legal action
As delisting rules for so-called penny stocks whose share prices fall below set thresholds begin to be applied in earnest, affected companies have started legal action. The Korea Exchange said on Oct. 23 that New Intech and Hyungji Global filed for injunctions at the Seoul Southern District Court to suspend the effect of delisting decisions tied to share-price requirements. The exchange will hold off on liquidation trading until conditions change, including a court ruling.
Finance
Court halts market-cap delisting; Korea Exchange suspends follow-up steps
A court has put the brakes on delisting procedures triggered by companies failing to meet market-capitalisation thresholds, prompting the Korea Exchange to temporarily suspend related follow-up delisting steps. The exchange said the market-cap standard itself and the system for designating firms as issues for administration will remain. Trading suspensions already in place for 8 companies remain unchanged, while the exchange plans to file an objection and explain the need for the delisting system and its procedures.
Crypto
Delio chief gets 15 years in jail in coin withdrawal suspension case
A Seoul court sentenced the head of crypto deposit-and-interest service Delio to 15 years in prison at first instance for fraud and other charges over allegedly diverting customers\' virtual assets. The court said the defendant swindled large sums from many victims and had not been forgiven by those who suffered serious economic losses, but considered external factors that triggered the case and the lack of prior punishment beyond fines. The court convicted him on a reduced set of charges.
