Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

South Korea to send team to Hong Kong over stock fall

SEOUL, Dec 7 – South Korea will send a team of investigators to the Hong Kong branch of Deutsche Bank\’s securities unit as part of a probe into allegedly unfair stock transactions, officials said Tuesday.

Financial Supervisory Service (FSS) Governor Kim Jong-Chang told journalists that the move was part of an investigation into suspected involvement of the securities unit in a heavy sell-off of South Korean stocks last month.

On November 11 the benchmark Korea Composite Stock Price Index, or Kospi, fell 2.7 percent, dropping steeply in the last half hour of trade as selling by foreign investors overwhelmed the market, and the watchdog launched an inquiry.

"They will go to Hong Kong to meet with those who were concerned with the issue," Kim was quoted as saying by Yonhap Infomax financial service.

"We are investigating whether there were any wrongdoings."

A senior official of the FSS told AFP that it was investigating whether the Hong Kong branch of Deutsche Bank\’s securities unit had been involved in "unfair transactions" — an offence under South Korea\’s business laws.

"We are investigating whether the securities unit was involved in unfair transactions," the official said on condition of anonymity. He declined to elaborate.

The FSS said in November that foreign investors\’ net sales on November 11 totaled 1.34 trillion won (1.2 billion dollars), with about 1.6 trillion won in sales coming from Deutsche Bank.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...