STX Corporation headquarters (Photo = STX Corporation)

 

[Alpha Biz= Paul Lee] STX Corporation has rejected allegations following a reported complaint decision by the Securities and Futures Commission, stating that its sale of former subsidiary STX Marine Service was a legitimate transaction.

In a statement on April 23, STX said claims that the deal was a “sham sale” are not true, emphasizing that the divestment was recognized as valid based on the independent judgment of an external auditor designated by the Financial Supervisory Service.

The company added that any financial support provided after the sale was an unavoidable measure related to existing guarantees and debt management, and was unrelated to the validity of the transaction. STX also denied allegations involving the use of paper companies or improper gains.

STX said it is currently pursuing an administrative lawsuit regarding the regulator’s measures over alleged accounting violations, and that the Seoul Administrative Court has granted a suspension of the measures.

The company further criticized the timing of the regulator’s press release—issued just one day before a scheduled court hearing—arguing that it could influence the judiciary’s independent judgment.

 

 

 

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