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South Korea: Donga Ilba CEO Probed for Insider Trading
In South Korea, Donga Ilbo CEO Kim Jae-ho and several senior staff members of the company are reportedly under investigation for illegal stock trading. Together, the illegal profits total about 5 billion won ($3.9 million), the Korea Times reports. The Korea Times reports that The Financial Supervisory Service (FSS) told the Seoul Central Prosecutors’ Office [...]
South Korea: Class Rep. Named in First-Ever Class Action
In South Korea, the nation’s first-ever class action lawsuit is moving forward. Although the law enabling class action lawsuits took effect in January 2005, no such case had been filed until Seoul Invest did so in April 2009. On Wednesday, the Suwon District Court appointed Seoul Invest as the class representative in its class action [...]
S. Korea: FSS Seeks Authority to Obtain E-Mail and Phone Records of Suspicious Traders
South Korea’s Financial Supervisory Service is seeking what appears to be the equivalent of subpoena power in the US so that it can crack down on stock market crimes such as insider trading. The FSS specifically wants the authority to monitor the e-mail of suspicious traders and to check their phone call history, the Korea [...]
South Korea: Prosecutors Seek Arrest Warrant for Taekwang CEO for Insider Trading, Tax Evasion
South Korean prosecutors asked a local court on Thursday to issue a warrant for the arrest of Taekwang CEO Park Yeon-cha on charges of tax evasion and alleged insider trading in the sale of Sejong Securities to Nonghyup. The Korea Times reports that Park “allegedly purchased shares of Sejong Securities in 2005 before Nonghyup took [...]