Reuters – Hi-Mart Continues Stake Sale

(Reuters) – 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)