SBS Responds to Stock Trading Allegations Involving Employee Misuse of Confidential Information

SBS has officially addressed allegations concerning an employee's misuse of undisclosed information for stock trading. On July 15, the network revealed that the employee in question is under investigation by financial authorities for purchasing SBS shares after gaining prior knowledge of a collaboration with Netflix. In a company-wide announcement, SBS confirmed that the employee had used confidential information acquired during their employment to make significant stock purchases, which they deemed a clear violation of ethical and legal standards. Following the confirmation of these actions, SBS stated that the employee was immediately dismissed and pledged full cooperation with the Financial Services Commission's investigation. SBS expressed deep regret over the employee's breach of capital market laws and committed to enhancing their management systems and related training to prevent similar incidents in the future. The network urged all employees to reaffirm their commitment to legal and ethical standards and emphasized the importance of transparent communication regarding sensitive information. Earlier that day, the Financial Services Commission conducted a search at SBS's headquarters in Mokdong, Seoul. The employee, identified as A, reportedly bought a large number of SBS shares based on insider knowledge of a six-year content partnership with Netflix, which was officially announced at the end of last year. Following the announcement on December 20, 2023, SBS's stock price surged, resulting in substantial profits for A. The financial authorities are also investigating whether there are additional similar cases, and SBS reiterated its commitment to strict internal controls and ethics training to ensure such mistakes do not recur.