STAR SM REIT, listed on the market for listed securities, has formed a task force (TF) team to resume transactions. STAR SM REIT has recently been suspended from trading due to embezzlement and breach of trust incidents. The amount of embezzlement is 3.08 billion won, which is 5.07% of its equity.
According to a representative of STAR SM REIT on the 4th, "The company has currently filed a lawsuit against Chairman Jang and is preparing for an active response depending on the investigation's progress." The company asserts that this embezzlement is an act of the accused individual, unrelated to the current management.
The company representative noted, "To protect the rights and interests of shareholders and to resume transactions quickly, the current management is working tirelessly," and added, "They are doing their utmost to recover the losses and are in the process of consulting with relevant agencies, including the Ministry of Land, Infrastructure and Transport, and accounting firms."
The company is preparing a legal response to claims that a specific group has received proxy voting rights from the major shareholders. STAR SM REIT was listed on the Korea Exchange in 2016, with the largest shareholder, 'Al136,' holding an 11.17% stake. Last year, the company changed its name from Modetour Network to STAR SM REIT. It owns and operates MT Hotels in Dongtan and Doksan-dong.