Korea's $105 Billion Stock Blunder May Result in a Criminal Suit
- Korean brokerage to file criminal complaints to prosecutors
- Share sale by workers ‘raised moral hazard issues,’ firm says
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Samsung Securities Co. will file criminal complaints to prosecutors against workers who sold shares they received by mistake, after saying last month it would deal “sternly” with the sellers.
The stock sale by the workers “raised moral hazard issues,” the Seoul-based company said in a statement Monday. It also said that all 27 of its executives including chief executive officer Koo Sung-hoon will buy the company’s stock after the announcement of first-quarter earnings by May 15.