Updated : 2015-02-13 20:04
GS builder faces class action lawsuit
By Kim Jae-won
GS E&C faces a class action suit for losses a group of individual investors suffered as the result of allegedly deceptive notices made through the stock market. The Seoul Central District Court said Friday that it accepted a petition by 15 investors against the construction unit of GS Group for losses inflicted on some 10,000 individual stock investors due to the company’s purported false public notices with the Korea Exchange. Continue reading →
China Sky Legal Resolution: Is a fine of $10m fine and 10% shareholding a commensurate sentence?
Posted by Eugene SAY Gui Hua, Year 4 undergrad at the School of Business, Singapore Management University
In a first negotiated deal of it’s kind, former CEO of China SKy, Mr. Huang Zhong Xuan was ordered to pay a civil penalty of S$2.5million and surrender 10% of his shareholdings in China Sky. The lead up to this verdict involved Mr. Huang attempting to transfer US$10m out of his private banking account at the brink of the lawsuit and subsequently refusing to appear in Court. Continue reading →