SBS employees have illegally profited from stock trades using undisclosed information. The company has terminated the employee involved.
The Financial Supervisory Commission's Capital Market Investigation Division recently conducted a search and seizure at the SBS Mokdong headquarters. This action was taken in light of the investigation of employee A, who is being investigated for violations of capital market laws.
Employee A used undisclosed information obtained during the course of their duties to engage in large-scale trading of the company's stock. This trading occurred just before the official announcement of a content supply contract with Netflix.
In fact, this trading influenced the stock price of SBS. The closing price on December 19 of last year, the day before the announcement, was 15,390 won, and three days later, on the 23rd, it surged to 26,000 won.
SBS only moved to terminate A after receiving notification from the Financial Supervisory Commission regarding the investigation of A. The company stated they would enhance their management systems and strengthen relevant training.
They posted a notice on the company bulletin board titled "Acquiring Stocks Using Undisclosed Information is a Crime" and expressed regret over the violations of capital market laws.
The National Union of Media Workers' SBS branch criticized the termination of A as mere "cutting off the tail." They argued that a thorough investigation is necessary, as this incident is not an isolated case.
On the 17th, the SBS union stated, "Considering the company's behavior, which only focused on monetary gains while neglecting employee ethics training, this outcome is not unexpected."
They added, "The bigger issue is the rapid termination of the involved employee," and pointed out, "The termination makes it impossible to conduct a proper internal investigation."
They urged for a thorough investigation, stating, "If an internal committee is formed, many related individuals will emerge. The entire investigation process and results must be shared to ensure transparency."
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