INBIO Responds to Preliminary Unfaithful Disclosure Designation: "Enhancing Internal Controls to Prevent Recurrence"

INBIO stated regarding the Korea Exchange's preliminary announcement to designate the company as an unfaithful disclosure entity, "We are thoroughly improving our internal control system to prevent any recurrence of similar issues."

According to INBIO on July 27, the Korea Exchange's preliminary designation was due to delays in the disclosure of updates and confirmations related to past embezzlement and breach of trust cases.

INBIO explained, "The breach of trust and embezzlement cases were concluded through a Supreme Court ruling, and all subsequent civil lawsuits have also been resolved through settlements between the parties. This matter pertains not to the incidents themselves, but to procedural shortcomings in failing to disclose updates at each stage in a timely manner."

INBIO continued, "The penalty points imposed for unfaithful disclosure over the past year currently stand at zero, so there is no accumulated burden of penalty points. We have also provided a diligent explanation during the Exchange's review process, and this issue does not impact the company's management activities as shareholders may fear."

INBIO added, "We have revamped our disclosure process and reinforced the reporting system among related departments, such as legal and finance, further enhancing our internal control system. We have also strengthened our pre-checks and monitoring of matters subject to disclosure, ensuring that such cases are prevented from recurring."

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