We propose a mechanism for the formation of pinholes in the Si-buffer layer, through the observations with varying the process- and structure variables in the SEPOX (selective poly-oxidation) process, an isolation method for sub-u DRAMs. Pinholes are formed through the accumulation of Si vacancies generated by the oxidation of Si, in which Si atoms leave the sites (vacancies) at the Si/SiO$_{2}$ interfaces and diffuse into the oxide to be oxidized near interface. In the course of the accumulation of Si-vacancies, the stress induced in the Si-buffer layer affects the migration of vacancies to result in the final size and distribution of pinholes. This paper may be, to our knowledge, the first report about the oxidation-induced pinhole in the Si/SiO$_{2}$ system.