Finance
Samchundang Pharm scraps 250 billion won block deal, denies stock manipulation allegations
Samchundang Pharm moved to explain controversy over alleged stock manipulation and a Korea Exchange notice of possible sanctions for inadequate disclosure. Chief executive Jeon In-seok cancelled a planned 250 billion won block deal to sell a major shareholder stake, saying the sale was intended to pay taxes of 233.5 billion won. He said he will instead pay the taxes through a stock-backed loan and focus on proving management performance. He also apologised for poor communication and pledged greater transparency.
