YTN (Yonhap Television News) Hits Upper Price Limit After BAI Finds 'Improper Government Intervention' [Stock NOW]

[Financial News] YTN hit the upper price limit early in the trading session. The move is believed to have been driven by the Board of Audit and Inspection (BAI)'s finding that the government improperly intervened in the sale of YTN shares.
As of 10:10 a.m. on the 15th, YTN was trading at 2,635 won, up 29.80% from the previous session. YTN opened at 2,135 won, down 3.61% from the previous session, but rose to the upper price limit at around 9:10 a.m.
The BAI said in the results of its audit of public institutions' asset management, announced the previous day, that it had confirmed improper intervention by the Ministry of Trade, Industry and Energy (MOTIE) and the Korea Communications Commission (KCC) when YTN sold its stake to Eugene Group.
The BAI sent investigative reference materials concerning two individuals, including former KCC Chairman Lee Dong-kwan and then-MOTIE Second Vice Minister Kang Kyung-sung, to the Corruption Investigation Office for High-ranking Officials (CIO).
The BAI found that KEPCO KDN and the Korea Racing Authority (KRA) had agreed in August 2023 to sell only 29.99% of their combined 30.95% stake in YTN. However, in September of the same year, former KCC Chairman Lee Dong-kwan allegedly demanded that then-MOTIE Second Vice Minister Kang Kyung-sung sell the entire YTN stake. Kang subsequently instructed officials from the lead-selling organizations, including KEPCO KDN and the KRA, to sell the entire stake.

[email protected] Lim Sang-hyuk Reporter