Information Leakage
Fines of 2.4 billion won (US$2.1 million) were given to Hanmi Pharmaceutical the employees involved in leaking confidential information and the investors who received it and took undue profits.
The Securities and Futures Commission said in its regular meeting on May 24 that it imposed a total of 2.4 billion won (US$2.1 million) in fines on 14 people including Hanmi Pharmaceutical employees who took advantage of confidential information.
It turned out that previously, Hanmi Pharmaceutical canceled an 850-billion-won (US$765 million) contract to export cancer drug technology with German pharmaceutical company Boehringer Ingelheim at the end of September of last year and some of its employees leaked the fact to their acquaintances before the public disclosure of the fact.
On the other hand, Hanmi Pharmaceutical officially received a notice of termination from Boehringer Ingelheim at 7:06 pm on September 29, but posted it at 9:29 am on the following day, September 30. But its public disclosure of the fact was made 30 minutes after the opening of the stock market, arousing suspicion concerning 'an intentionally delayed disclosure of information.'