Day: April 23, 2015

Royal Bank of Canada denied allegations that it committed stock manipulation of SK Holdings to avoid paying high returns to investors five years ago. RBC alleged to intentionally sold SK shares 10 minutes before its ELS matured

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http://www.koreatimes.co.kr/www/news/biz/2015/04/488_177526.html
Updated : 2015-04-22 18:14

RBC denies stock manipulation allegation

By Kim Jae-won

The Royal Bank of Canada (RBC) denied allegations Wednesday that it committed stock manipulation to avoid paying high returns to investors five years ago.
Earlier this month, the Supreme Court allowed two Korean investors to file a collective lawsuit against RBC over the Canadian investment bank’s management of equity-linked securities (ELS) in April 2009. Hannuri Law, a legal representative for the investors, argued that RBC intentionally sold some 70,000 shares of SK Holdings 10 minutes before its ELS matured. With this transaction, shares of SK Holdings closed at 119,000 won ($110), inflicting combined losses worth 3.26 billion won to 437 investors.  Continue reading →

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Loss from Keangnam accounting and bribery scandal totals W1.1 trillion; The late former chairman of Keangnam Enterprises, Sung Woan-jong, who set up his business with pocket money and went on to establish a company that exceeded 2 trillion won in sales, was almost penniless when he killed himself

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http://www.koreatimes.co.kr/www/news/nation/2015/04/116_177529.html
Updated : 2015-04-22 18:05

http://www.koreatimes.co.kr/www/news/biz/2015/04/488_177553.html

Updated : 2015-04-22 18:14

Loss from Keangnam scandal totals W1.1 tril.

By Yoon Ja-young

Lenders, subcontractors and investors are expected to sustain some 1.1 trillion won in losses due to Keangnam Enterprises, a construction company at the center of a recent bribery scandal.
The company, which was founded in 1951, has been making headlines since its chairman, Sung Woan-jong, committed suicide two weeks ago, leaving a list of politicians he claimed to have bribed. On the list were close aides to President Park Geun-hye, including Prime Minister Lee Wan-koo, who has offered to resign. Sung was being investigated for alleged corruption in the “energy diplomacy” of administration of former President Lee Myung-bak.  Continue reading →