GIC Third-Party Agent Pays Fine in Korea Short-Selling Case, ST Reports

A third-party agent of Singapore’s sovereign wealth fund has paid a 120.6 million won ($82,328) fine for so-called naked short selling, the Straits Times reported, citing documents by South Korean regulators.

GIC was among six firms fined a combined 3.97 billion won by South Korea’s Securities and Futures Commission, according to the report published Thursday. The case stems from a 2022 order to sell shares worth 666.1 million won in a luxury hotel chain, Hotel Shilla.