Minority Shareholders’ Nominee Park Byungseon, Newly Appointed Auditor of Daeho AL: "Maintaining Listing Is Top Priority... Restoring Trust Through Rigorous Audits"

At the extraordinary general shareholders' meeting of KOSPI-listed company Daeho AL held on June 11, attorney Park Byungseon, who was recommended by minority shareholders and the Minority Shareholders’ Alliance, was appointed as the new auditor. On June 15, Park stated, "I will launch a comprehensive audit to maintain the company's listing and resume stock trading."

Currently, Daeho AL's stock trading is suspended due to the external auditor's disclaimer of opinion and the occurrence and disclosure of embezzlement and breach of trust incidents. Meanwhile, a management rights dispute has erupted between the former management and the Minority Shareholders’ Alliance.

In a statement issued after his appointment, Auditor Park said, "This appointment is not simply about taking on a position, but about being entrusted with the heavy responsibility of restoring Daeho AL's credibility and enhancing management transparency," adding, "What shareholders expect is strict oversight of the existing management system and playing a role in the company's normalization."

Daeho AL's trading was suspended after receiving a disclaimer of opinion from the external auditor in its 2025 audit report, and with embezzlement and breach of trust lawsuits filed among current and former executives, the company has been designated by the Korea Exchange as subject to a substantive review of listing eligibility. Normalizing management is now an urgent task.

Auditor Park emphasized, "The most important task facing the company is maintaining its listing and resuming stock trading," and added, "To achieve this, it is essential to establish a transparent management system that the market can trust above all else."

The first priority highlighted by Auditor Park was the independence of the audit function. He stated, "With the existing management holding a majority, I am entering the board as the sole auditor," and made it clear that, "The auditor is an institution independent from the board of directors under the Commercial Act, and I will faithfully perform the necessary checks and oversight throughout the company's operations."

He further explained, "If the auditor remains a mere formal entity, it will be impossible to improve the company's governance structure," and added, "The essence of the auditor's role is not simply to follow board decisions, but to protect the long-term value of the shareholders and the company."

In particular, he stated, "To achieve the goal of resuming trading, I will actively utilize the audit authority granted by the Commercial Act, if necessary," and added, "Rather than raising issues after the fact, I will establish a preventive audit system that identifies risk factors in advance."

The most urgent issue that Daeho AL must resolve to resume trading is addressing the reasons for the disclaimer of opinion by the external auditor.

Auditor Park stated, "The top priority is to secure the level of transparency and reliability required by the external auditor," and added, "I will conduct a thorough review of the internal accounting management system and push forward with necessary improvements."

Specifically, he outlined plans to: ▲ rebuild the internal accounting management system, ▲ establish a regular communication system with the external auditor, and ▲ when necessary, proceed with special audits and follow-up legal actions based on digital forensics results.

In addition, Auditor Park announced plans for a thorough investigation into suspicions related to company funds. He stated, "There are allegations that some of the company's funds have been diverted to certain investment associations and corporations under the guise of investment and loans, and that these funds were used to secure shares to defend the de facto owner's management rights and to repay private bond funds," adding, "I plan to closely examine the entire transaction structure and fund flows."

He emphasized, "If any illegal acts or actions that damage company value are identified during the investigation, I will take all necessary legal actions regardless of position or relationship."

He further stated, "The most important point for the Corporate Review Committee and Market Committee of the Korea Exchange is whether the company has truly changed from the past," and added, "We must demonstrate that there has been substantive, not just superficial, change."

He continued, "I will thoroughly examine who was actually involved in management and whether there were problems in the decision-making process," and clarified, "I will approach these issues based strictly on the facts, regardless of title or position."

Auditor Park concluded, "The normalization of Daeho AL is not for the benefit of any particular group, but for the future of all shareholders and the company," and emphasized, "I will do my utmost to establish a transparent audit system so that shareholders can trust the company again and to ensure that the goal of resuming trading is achieved."

This content was produced with the assistance of AI translation services.