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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.

Finance

Fintech hot issue: Financial markets sway on high oil prices and weak won; refinancing loan war breaks out

Financial market jitters in South Korea are growing as the Middle East war drags on, pushing oil prices higher and strengthening the dollar. The won has risen above 1,500 per dollar, near the highest level in about 17 years, while foreign outflows add to volatility in the KOSPI. Separately, banks, internet-only lenders and fintech platforms are intensifying competition for sole proprietor refinancing loans as infrastructure opens up.

Finance

President Lee vows tough capital market reforms, says Korea premium possible

President Lee Jae-myung outlined high-intensity reforms aimed at tackling the chronic undervaluation of South Korean stocks known as the Korea discount. At a meeting at Cheong Wa Dae, participants discussed tougher punishment for stock manipulation, changes to the use of treasury shares and problems linked to duplicate listings. Lee also raised shortening the stock settlement period. The Korea Exchange said it would prepare for proactive clearing and settlement.