Upstage announced that Ha Jung-woo, former Chief of AI Future Planning at the Presidential Office, currently does not hold any shares in the company, addressing ongoing allegations of stock parking.
During a press conference on June 16, Upstage stated, "Ha does not currently own any shares in Upstage," adding that the matter is unrelated to the company.
According to Upstage, Ha was previously granted 10,000 shares of unlisted stock at face value as compensation for serving as a part-time AI education advisor. However, these shares were subject to a six-year holding requirement.
Of the total 10,000 shares, 4,444 shares, which had not vested, were automatically returned to the largest shareholder, CEO Kim Seong-hoon, at a price of 100 won per share, as per the shareholders' agreement.
The remaining 5,556 shares were placed in a blind trust in accordance with the Public Officials Ethics Act, and Upstage reports that these shares have also been fully disposed of through the trustee.
Previously, there were concerns that Ha had only formally disposed of his Upstage shares after taking office, raising suspicions of stock parking.
* This article has been translated by AI.
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