'3000억 영구채 발행' 서진시스템, 임원 매도·베트남 세금 '악재'

Seonjin Systems' $3 billion perpetual bond offering is unraveling due to executive insider stock sales coinciding with undisclosed Vietnam tax liabilities exceeding $700M, raising serious governance red flags. The company's failure to disclose material risks before insiders liquidated positions—combined with weak credit ratings and lack of protective mechanisms—has triggered investor withdrawal and review of the deal's legitimacy. This incident underscores how corporate transparency failures can derail growth financing even for fundamentally sound businesses in hot sectors like energy storage and semiconductors.