Korea's largest dental implant company, Osstem Implant, started trading on the KOSDAQ in February 2007. The company has been involved in two scandals. The first, in 2017, involved the downwards revision of profits between FY12 and FY15 by 24% to reflect the historic under-provisioning for possible inventory returns. The second scandal came to light in January 2022 when Osstem suspended its shares and announced that KRW188bn (US$145m) had been embezzled by an employee. The employee spent the proceeds on bad stock market investments and gold bars (most of which were subsequently recovered). The company made a KRW96bn provision in 4Q21 which was equal to 37% of equity. Its shares recommenced trading in April 2022 and subsequently lost about 20% of their value.
Last updated August 2022.
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