Bithumb situation to have limited impact on possible sale Korean police sent Bithumb real owner Lee to prosecution
Translated by Kim So-in 과장공개 2021-04-28 07:44:24
이 기사는 2021년 04월 28일 07:37 thebell 에 표출된 기사입니다.
South Korean police sent Lee Jung-hoon, former Chairman of the boards of Bithumb Korea and Bithumb Holdings, to the prosecution for alleged fraud regarding the sale of BXA tokens. The case is likely to accelerate of the possible sale of Bithumb.The Seoul Metropolitan Police Agency's Intelligent Crime Investigation Unit handed over Lee to the prosecution on Friday for alleged fraud, according to sources on Monday.
Lee is accused of pre-selling Bithumb's native BXA tokens worth about 30 billion won ($25 million) to investors and then not listing the token in 2018, which has allegedly led to investors' losses.
"It would be fraud if he knew that listing of the coins is impossible or not easy, or if he pre-purchased the coins on the premise of listing in the state that the listing is not planned,” said a lawyer at domestic law firm Lin. “It can be said that the police has secured physical evidence and statements regarding such circumstances as it sent the case to the prosecution.”
Market insiders are paying attention to whether the case will have an impact on the possible sale of Bithumb. Lee is a de factor owner of the company, holding a majority stake in Bithumb Holdings. A prospective buyer of Bithumb has to secure Lee’s stake given Bithumb's complicated governance structure.
A potential buyer could use the indictment of Lee as an opportunity to lower the acquisition price. Bithumb and Lee may also want to close the deal as quickly as possible before uncertainty increases depending on the progress of the prosecution and trial.
Bithumb Korea, which operates Bithumb, is 74.1% owned by Bithumb Holdings. Bithumb Holdings’ current shareholders include Vidente (34%) DAA (30%), and BTHMB Holdings (10%).
DAA’s largest shareholder is Bithumb Holdings with a 48.53% stake and Bithumb Holdings’ largest shareholder is SG Brain Technology Consulting with a 95.8% stake. Lee is virtually the largest shareholder of Bithumb Korea as he owns 49% of SG Brain Technology Consulting. (Reporting by Sang-woo Sung)
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