Distribution of press releases prior to the announcement of the Volkswagen contract
Contract size 1.4 trillion won… 25% of sales
Appeals can be filed by April 1st… Decisions, such as demerit points, after deliberation
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Mando (204320)Is in danger of being designated as an unfaithful disclosure corporation due to a violation of fair disclosure. This is because the data was first distributed prior to the announcement of the conclusion of the supply contract, and the disclosure regulations were violated. If it is designated as an unfaithful disclosure corporation after deliberation, it seems that in the worst case, the suspension of trading transactions will be inevitable in accordance with the disclosure regulations.
According to the Financial Supervisory Service on the 23rd, Mando received a notice of designation as an unfaithful disclosure corporation on the 22nd for failing to disclose the’single sales and supply contract’ fair disclosure. An official from the Korea Exchange explained, “Mando violated fair disclosure by distributing press releases prior to contract disclosure.”
Mando announced on the afternoon of the 22nd that it had signed a contract to supply Volkswagen suspension parts to Europe on the 19th. The contract size was KRW 1.4 trillion, equivalent to 25% of recent sales.
According to Article 7 of the Market Disclosure Regulations, in the case of signing or terminating a single sales contract or supply contract of 10/100 or more of the sales for the latest business year, a report must be made to the exchange by the day after the date of occurrence. However, Mando first provided data to the media at around 8 am, before the announcement.
Accordingly, Mando can file an objection against the designation of an unfaithful disclosure corporation by April 1st. Afterwards, it will be decided whether or not to designate an unfaithful disclosure corporation, imposed penalties, and penalties for violation of disclosure through deliberation by the Stock Market Listing Disclosure Committee. If the penalty is more than 10 points, the trading of stocks is suspended for one day on the designated day.
/ Reporter Park Si-jin [email protected]
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