YTN recorded an upper limit increase in early trading. This surge is attributed to improved investor sentiment following the audit results indicating improper involvement by the Korea Communications Commission (KCC) in the sale process to Eugene Group.
According to the Korea Exchange, as of 9:37 a.m. on the 15th, YTN shares were trading at 2,635 won, up 605 won (29.80%) from the previous trading day. YTN began trading at 2,135 won and quickly reached the upper limit.
The day before, the Board of Audit and Inspection revealed in its findings on the 'Management of Public Institution Assets' that there was improper involvement by the then KCC Chairman and the Vice Minister of Trade, Industry and Energy in the sale of YTN shares by Korea Electric Power Corporation KDN and the Korea Racing Authority in 2023.
According to the audit, KDN and the Korea Racing Authority, which held YTN shares, entered into a joint sale agreement to sell only 29.99% of their combined 30.95% stake to avoid restricting bids from large corporations.
However, from late August to early September of the same year, former KCC Chairman Lee Dong-kwan demanded the complete sale of the shares from Vice Minister A of the Ministry of Trade, Industry and Energy. Subsequently, the KCC's operational department was directed to send an official document to the Ministry of Trade and the Ministry of Agriculture, Food and Rural Affairs stating that it would be preferable to consolidate and sell all shares.
The audit pointed out that this interference not only violated the autonomy of decision-making by KDN and the Korea Racing Authority, which had legitimately entered into the agreement, but also resulted in only three companies participating in the bidding, excluding large corporations. The audit has forwarded reference materials regarding former Chairman Lee and Vice Minister A to the Corruption Investigation Office for High-ranking Officials.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.