April 26, 2024
Economy
Top finance exec arrested over stock price manipulation
[THE INVESTOR] The head of a bank holding firm based in Busan has been arrested over allegations of stock price manipulation, court officials said April 19.
The Busan District Court issued a warrant to detain Sung Se-whan, chairman of BNK Financial Group on April 18.
The investigation began after the Financial Supervisory Service asked the prosecution to look into allegations the financial group rigged its stock price in early 2016 by lending money to companies and asking them to buy its stocks.
Prosecutors suspect that Sung orchestrated the alleged manipulation, although he has denied the charges.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The Busan District Court issued a warrant to detain Sung Se-whan, chairman of BNK Financial Group on April 18.
The investigation began after the Financial Supervisory Service asked the prosecution to look into allegations the financial group rigged its stock price in early 2016 by lending money to companies and asking them to buy its stocks.
Prosecutors suspect that Sung orchestrated the alleged manipulation, although he has denied the charges.
By Alex Lee and newswires (alexlee@heraldcorp.com)
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