Embezzlement at Kosdaq-listed companies jumps

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Embezzlement at Kosdaq-listed companies jumps

Losses incurred due to embezzlement and malpractice by Kosdaq-listed company officials jumped 37.2 percent this year, data showed yesterday. Losses amounting to 386.5 billion won ($333.4 million) were estimated to have been incurred in 24 cases of misconduct such as embezzlement and corporate negligence in 2011, according to data by the Financial Supervisory Service. The tally includes embezzlement and malpractice activities filed with the watchdog by firms that trade on the junior Kosdaq market.

The total losses are subject to change according to final court rulings. The data was a jump from the 281.7 billion won in losses from 19 cases in 2010. The data also showed that losses from each case rose 13.5 percent on-year to 16.8 billion won.


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