As many as 20 out of total 200 payroll on Kakaopay Securities have left the company to move to another, which could reignite ethical questions related to Kakao Pay with employees cashing in on generous stock-option benefits.

Four senior executives along with 16 other employees from sales and analyst teams at Kakaopay Securities have submitted resignation to join DS Investment & Securities, according to financial investment sources on Tuesday.

Although financial industry tends to have a high employee turnover ratio due to its performance-based nature, 20 employees leaving at the same time is deemed extraordinary and could disrupt operation of Kakaopay Securities with a payroll of 200.

A Kakaopay Securities official confirmed their leave, but denied any problem to operation.

The news however cannot be good for Kakao Pay whose shares have been hammered by confidence issue.

Earlier this month, Kakao Pay’s senior executives were revealed to have exercised their stock options and sold off company shares at generous profit, upsetting shareholders.

Shares of Kakao Pay are trading at half the price of its peak of 248,500 won ($208.63). On Wednesday, the stock lost additional 4.48 percent to close at 128,000 won.

The additional exercise of stock option by the employees who left Kakaopay Securities would not have a direct impact on the market supply as they likely would have held relatively small amount of Kakao Pay shares.

By Pulse

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