Amid an investigation by financial authorities into claims that an SBS employee made profit from stock transactions using undisclosed information, SBS has spoken out on the matter.
On the 15th, a representative from SBS told OSEN, "We received notification from the Financial Commission this morning that an investigation is underway into one SBS employee for violating the Capital Markets Act. Upon confirmation, it was determined that the employee purchased large amounts of SBS stock using undisclosed information acquired during their duties and profited from it."
The representative added, "Based on the confirmed facts, we have dismissed the employee and decided to actively cooperate with the Financial Commission's related investigation. We will also enhance our management systems to prevent similar cases from reoccurring and strengthen related training."
Additionally, SBS noted, "The swift disclosure and sharing of relevant information with our employees should also be seen as a strong expression of the company's stance."
According to the Financial Commission, an SBS employee, identified as Mr. A, was aware in advance that SBS would enter into a six-year strategic partnership with Netflix for content supply at the end of last year, and purchased SBS stock.
The partnership was officially announced on December 20, and subsequently, SBS stock recorded consecutive daily increases. It is reported that as the stock price surged, Mr. A sold the stocks he had purchased and made profits exceeding several hundred million won. In response to the incident, the Financial Commission visited the SBS headquarters in Mokdong, Seoul, and conducted a search of Mr. A's office.
[Photo] SBS
[OSEN]