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(Photo = Yonhap news) |
[Alpha Biz=(Chicago) Reporter Paul Lee] With this year's regular shareholders' meeting season nearing its end, 44 companies have yet to submit audit reports ahead of the shareholders' meeting. As many as 25 companies received unqualified opinions in this month's audit report.
According to the Korea Exchange on the 26th, nine listed companies and 35 KOSDAQ markets failed to submit audit reports on the same day. Normally, a listed company must submit an audit report at least one week before the regular shareholders' meeting, but if it is delayed, the relevant facts must be disclosed. Considering that most of these companies' shareholders' meetings are between the 27th and 29th, shareholders can only receive audit reports one to two days before the shareholders' meetings.
Among the major companies in the securities market, Youngwon Trade, Youngwon Trade Holdings and KUM YANG failed to submit their audit reports on time. The companies explained that they had to submit audit reports by the 21st, but the submission was delayed because they did not submit enough audit data related to overseas subsidiaries. Sambu Construction, a mid-sized construction company, explained that the submission was delayed due to the delay in the auditor's audit process. Among companies in the KOSDAQ 150 Index, NKMAX and others have yet to submit audit reports.
Delayed submission of audit reports is usually accepted as a reflection of financial instability or unreflected losses, which is considered a negative factor for investors. Youngwon Trading saw its stock price fall 7.3 percent by the end of the day after announcing its delayed submission on the 21st. Geumyang and Sambu Construction also fell 3.4 percent and 7.9 percent, respectively, over the same period.
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
