Commodities
Korea Financial Watchdog to Probe Korea Zinc’s Share Sale Plan
- FSS to probe if board omitted share sale plan during buyback
- Company’s share plan triggers 35% stock decline in two days
A Korea Zinc Co. smelting factory in Ulsan, South Korea.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
South Korea’s financial watchdog plans to review potential wrongdoings in Korea Zinc Co.’s share sale plan, citing “a high likelihood” that the case may constitute an unfair trade.
Among the issues the Financial Supervisory Service plans to review is the sequence of recent events including the sale plan and a recent buyback, as well as what the board knew and should have been disclosed, Hahm Yong-il, senior deputy governor at the FSS, told reporters Thursday at a briefing.