Asiana’s stock resumes trading after six-week suspension

Asiana Airlines’ shares resumed trading on 16 July, having been suspended on 26 May after two former executives were charged with embezzlement. The South Korean airline says in a 19 July statement that it has prepared and submitted a management improvement plan to reinforce its governance and financial structure in order to prevent a future suspension. “I bow my head and apologise for causing a lot of disappointment to shareholders and stakeholders due to the suspension of trading due to the listing qualification review,” CE Jung Sung-kwon states. “We will do our best to prevent recurrence through monitoring. In addition, we will do our best to restore market trust and enhance shareholder value by faithfully carrying out our main business.” Trading of the airline’s shares was suspended on 26 May, a minute before market close, ahead of a 27 May disclosure that two former executives had been charged with embezzlement. The carrier says it will establish a “transparent decision-making structure” and strengthen the independence of the board by separating the chairman of the board of directors and the representative director, “while establishing transparency in management and a stable governance structure by separating the company’s decision-making and business execution”.<br/>