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Investors file class-action suit against GS Engineering
By Korea HeraldPublished : June 16, 2016 - 18:11
[THE INVESTOR] Investors have filed a class-action suit against GS Engineering & Construction for allegedly concealing losses.
According to law firm Hannuri, the nation’s highest court confirmed a lower court ruling allowing 15 people who invested in the construction arm of GS Group to file a class-action suit. GS Group is Korea’s seventh-largest conglomerate.
The suit is demanding GS to pay for damages worth 46.5 billion won (US$ 39.5 million) to 10,399 investors.
In 2013, GS failed to disclose investment risks when it applied to the Financial Supervisory Service to issue 380 billion won worth of corporate bonds. Two days later, it was discovered that the firm’s operating profit for 2012 had fallen by 64.8 percent.
By Kim Ji-hyun (jemmie@heraldcorp.com)
According to law firm Hannuri, the nation’s highest court confirmed a lower court ruling allowing 15 people who invested in the construction arm of GS Group to file a class-action suit. GS Group is Korea’s seventh-largest conglomerate.
The suit is demanding GS to pay for damages worth 46.5 billion won (US$ 39.5 million) to 10,399 investors.
In 2013, GS failed to disclose investment risks when it applied to the Financial Supervisory Service to issue 380 billion won worth of corporate bonds. Two days later, it was discovered that the firm’s operating profit for 2012 had fallen by 64.8 percent.
By Kim Ji-hyun (jemmie@heraldcorp.com)
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Articles by Korea Herald
