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[Alpha Biz= Ellie Kim] |
[Alpha Biz= Ellie Kim] Concerns are mounting over whether undisclosed information related to a tax dispute at Seojin System's Vietnam subsidiary was shared with select investors during a recent private placement, according to an exclusive report by Edaily.
The controversy centers on a potential tax liability of approximately 100 billion won involving the company's Vietnamese production subsidiary. While Seojin System maintains that the matter does not require public disclosure, questions have emerged over whether investors participating in a 180 billion won third-party share placement were informed of the risk beforehand.
According to investment banking industry sources cited by Edaily, Seojin System approved a capital increase on April 22 through the issuance of 4.03 million new shares. The shares were allocated to Taurus Asset Management and Neo Young at a discounted price.
The key issue is whether the company's Vietnam-related tax exposure was sufficiently disclosed during the fundraising process. The Vietnamese subsidiary is reportedly under investigation by local customs authorities over imports of raw materials and exports of finished products and has allegedly been asked to pay roughly 100 billion won in value-added taxes and penalties.
The matter has drawn further attention because the company's CEO is reportedly subject to a travel restriction related to the case and has remained in Vietnam for an extended period.
Critics argue that if the company provided details of the tax risk to private-placement investors while withholding the information from the broader market, concerns over information asymmetry and potential use of material non-public information could intensify. Seojin System, however, continues to maintain that the issue is not subject to mandatory disclosure requirements.
Alphabiz Ellie Kim 인턴기자(press@alphabiz.co.kr)
