SEOUL, KOREA - As JS Cable, an LS Group company, was blamed for supplying faulty parts to nuclear power plants that were recently closed down, the share prices of the whole group companies have been adversely affected. On May 30, the price of JS Cable fell to the daily lower bound closing at 7,540 won, the lowest level since September 25 last year.
Acquired in 2005 by LS Cable & System, JS Cable had delivered defective control cables to Shin-Kori Nos. 1 to 4 and Shin-Wolsong Nos. 1 and 2 for four years between 2008 and 2011 under forged documents.
On the same day, the share of LS Corp., LS Group's holding company, closed at 68,700 won, down 9.49 percent from the previous day. This is the lowest level since March 24, 2009. LS Industrial Systems and LS Network also saw their share prices decline 4.19 and 2.87 percent, respectively.
An LS Cable & System official said, "Since JS Cable was subject to direct quality inspection under Korea Hydro & Nuclear Power, we are certain JS Cable people were not involved in corrupt dealings. We will fully cooperate with the prosecutors' investigation."
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