HSBC Acquitted on Charges of Violating Korea Short Selling Rules
- Court finds no evidence of rule violation, Yonhap says
- Bank argued Korean prosecutors’ approach was ‘arbitrary’
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HSBC Holdings Plc was acquitted by a South Korean court of charges that the bank engaged in illegal short-selling, a blow to the government’s efforts to rein in abuses in the stock trading practice.
In its ruling Tuesday, the Seoul Southern District Court said there was no evidence that HSBC employees knew of the rule violation before carrying out the trades in question, according to Yonhap.