As the Korea Exchange decided to delist Gyeongnam Pharmaceutical Co., which is famous for vitamin pill maker "Lemona," a growing number of experts point out that there is a problem with equity compared to Samsung BioLogics Co. (Samsung Bio) case.

KOSDAQ Market Headquarters of Korea Exchange held a corporate review committee on the 14th and decided to de-list Gyeongnam Pharmaceutical Co., which had been suspended from March 2nd, of the market capitalization of 211.6안전한놀이터
billion won as of March. The KCC is known to have decided to de-list Gyeongnam Pharmaceuticals after considering the company's sustainability, transparency of management and financial stability. Gyeongnam Pharmaceutical Co. has been subject to a real review of its eligibility for listing in 2008 as it was caught for accounting violations, including turning it into a surplus through false accounts of trade receivables. The Korea Exchange plans to hold a KOSDAQ market committee until August 8 to make a final decision on whether to delist or grant a period of improvement. The committee is only an advisory body, not a voting body.

When the decision was made to abolish the listing, a series of postings raising the issue of equity with Samsung Bio are being posted on the Cheong Wa Dae's public petition board. "It's not fair to say that Samsung Bio will be traded for eight billion won in fines with 4.5 trillion won in fraudulent accounting and that Kyungnam Pharmaceuticals will be delisted for 40 million won in fines," said a petitioner. Another petitioner claimed that Kyungnam Pharmaceutical has a problem of 'frozen blood' compared to Samsung Bio. One netizen said, "It's pathetic. Why do you kill Gyeongnam Pharmaceuticals that have small shareholders and keep Samsung Bio alive? He also wrote in the stock market that he was innocent and innocent, while another netizen pointed out that he was a "sophilist" as if targeting Samsung Bio's Daema Buddha.

It is the same in both categories that accounting fraud was the foundation. However, the exchange explained that there is a difference in details. Gyeongnam Pharmaceutical Co., which was fined 40 million won by the Korea Securities and Futures Commission, is facing a long-term management dispute between Lee Hee-cheol, former chairman of the largest stockholder (arrested in jail for accounting fraud), and current management experts and minority shareholders. Although it did not immediately decide to delist the company and gave it an opportunity to improve the company for six months, it concluded that it was delisted as the company did not properly implement the improvement plan submitted and announced at the hearing held in May.

Regarding Samsung Bio, the exchange said, "We reviewed the improvement plan submitted by Samsung Bio by comprehensively reviewing its feasibility and contents. In the worst case, even if all 4.5 trillion won is reflected in the financial statements, the current capital situation will be positive, and there will be little risk of default, but management transparency is insufficient, so we decided to keep the plan listed."

Gyeongnam Pharmaceutical Company has not officially announced its stance since it decided to delist. Homepages are also paralyzed due to exceeding traffic. About 5,000 small shareholders of Gyeongnam Pharmaceutical Co.

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