Seoul : Samsung Securities CEO Koo Sung Hoon has recently resigned from the technological giant after South Korean financial regulator caught hold off the company with a penalty of $129,000. The penalty was imposed in the light of an employee issuing 2.8 billion shares to about 2,000 employees.
Highlights of Samsung Securities Stock Blunder.
Samsung Securities CEO denied issuance of stocks earlier.
In an article published on April 10, 2018 Samsung Securities CEO has denied over the issuance of Ghost Stocks. “According to our own investigation, there has been no such case so far.” He told reporters after a meeting with the Korea Financial Investment Association, a business lobby of local brokerages. “I am not sure about the possibilities. There is another organisation working on it.” Samsung Securities has mistakenly issued 2.8 billion nonexistent shares on April 6. It was supposed to pay dividends worth 2.8 billion won to employees under a stock ownership plan. Despite warning notifications, 16 employees, including some ranking officials and analysts, sold 5.01 million shares, worth about 200 billion won.