SEOUL May 3 South Korean electronics retailer
Hi-Mart said on Thursday its top shareholders would
resume an auction for a controlling stake in the firm after it
avoided delisting this week over $228 million embezzlement
charges brought against its top executives.
Hi-Mart said in a statement it would send invitation letters
to potential bidders on Thursday and close the first round of
the auction on May 14.
The auction for a 57.6 percent stake in Hi-Mart was
temporary suspended in February due to an investigation by
prosecutors, who concluded last month its former chief executive
and vice president neglected their duties and caused financial
damages to the firm.
(Reporting by Miyoung Kim; Editing by Jonathan Hopfner)