YTN(040300) surged to the upper price limit early on the 15th. Shares are seen skyrocketing after the Board of Audit and Inspection announced audit findings that there was improper intervention by the Korea Media and Communications Commission in the process of the sale to Eugene Group.
As of 9:11 a.m., YTN on the KOSDAQ market is trading at 2,635 won, up 605 won (29.80%) from the previous session.
The rally is seen as being influenced by the Board of Audit and Inspection's "public institution asset management status" audit results released on the 14th.
The Board of Audit and Inspection said it confirmed that government bodies, including the Korea Media and Communications Commission (now the Korea Media and Communications Commission) and the Ministry of Trade, Industry and Energy (now the Ministry of Trade and Industry), improperly intervened in the process of selling YTN equity pursued under the Yoon Suk-yeol administration.
According to the Board of Audit and Inspection, KEPCO KDN Co. (KDN) and Korea Racing Authority (KRA) signed a joint sale agreement to sell only 29.99% out of 30.95% equity, taking into account the Broadcasting Act's 30% cap on equity ownership by large conglomerates or daily newspapers.
However, at the request of then Korea Communications Commission (KCC) Chairman Lee Dong-kwan and under government-level instructions, the method was changed to a sale of the entire equity stake, which the Board of Audit and Inspection noted resulted in restricting participation by large conglomerates in the bidding.
The Board of Audit and Inspection said it issued a "caution" to the KCC and the Ministry of Trade and Industry at the time, and sent investigative reference materials on two related individuals, including former KCC Chairman Lee Dong-kwan and then Second Vice Minister of the Ministry of Trade and Industry Kang Kyung-sung, to the Corruption Investigation Office for High-ranking Officials (CIO).