Event company

Osstem Implant refutes KBS report that the president planned to pocket the company’s money










Korea time



Settings



Osstem Implant refutes KBS report that the president planned to pocket the company’s money

Osstem Implant Headquarters in Seoul/Yonhap
Osstem Implant Headquarters in Seoul/Yonhap


By Park Jae Hyuk

Osstem Implant hit back at a recent KBS report that the company paid a whole life insurance premium worth 420 million won ($328,000) each month on behalf of President Choi Gyu-ok.

The Kosdaq-listed company said it would take all possible legal action – including filing a complaint with the Press Arbitration Commission – against the broadcaster for its “malicious” report that the president allegedly tried to pocket the company’s money – worth about 50 billion won. ― for the next 10 years in such an unwarranted method.

Last Thursday, KBS reported the news, pointing out that Choi will be able to change the beneficiary of the insurance to himself from that of the company after a certain period of time.

In a statement issued the following day, Osstem Implant pointed out that the policyholder and the beneficiary are the company, while the president is only the insured, under the terms of the insurance policy to which the company subscribed.

“In February 2021, in order to prepare for the risks that may arise in the event of the sudden death of the founder, the main shareholder and the president, we took out a whole life insurance policy under which Osstem Implant was named as the contractor. and beneficiary, and the president as the insured,” the company said. “In the event of an insurance accident, which is the death of the president, the company is entitled to the amount insured, and the president is nothing other than the insured under this policy.”

He also criticized KBS for saying it was illegal to buy the insurance plan without board approval.

“Companies around the world use a variety of financial instruments, including insurance, to prepare for risks that may arise in the future,” Osstem Implant said. “This insurance policy taken out by the company is part of it, and these financial policy contracts do not fall under the provisions of the resolution of the board of directors and have nothing to do with the amendments to the articles of association which deal provisions stipulated in commercial law.

The dental implant maker added that the president must reimburse the insurance premiums paid by the company, if he becomes the beneficiary.

“KBS reported that the president would receive the benefits wrongfully claiming that if he changed the beneficiary after a certain period of time, he would receive tens of billions of won in insurance benefits,” he said.