[THE INVESTOR] Samsung Securities’ CEO Koo Sung-hoon on April 8 issued an apology on behalf of the brokerage.
This was two days after the firm mistakenly deposited 2.8 billion nonexistent company stocks to employee accounts. They're being called “nonexistent” because contrary to what the brokerage says, it actually has no treasury stocks to speak of.
Fortunately, it takes three business days for all stock market orders to be monetized, so Samsung still has a chance to redeem itself.
Below is the full text of the apology.
On the behalf of Samsung Securities, I would like to offer a sincere apology to our investors.
On April 6, one of our employees made the grievous mistake of depositing stocks instead of dividends. Not only that, but some employees took advantage of the situation and sold these unwarranted stocks, causing Samsung Securities share prices to tumble.
It was something that should never have happened at a company that has its roots in trust and integrity.
Screengrab of Samsung Securities apology.
Samsung Securities, did it go too short?
Samsung Securities shares tumble on dividend payout mistake
As a fellow investor, I feel gravely ashamed and stricken.
I also know that this is a moment where a sincere act would be worth a thousand apologies.
As such, we would like to promise the below three points.
First, we will do our best to redeem the losses incurred by our investors.
Second, all employees involved in the stock sell-off will be penalized.
Third, we will determine the cause and make amendments to prevent a recurrence.
We know this would be our last chance to completely change ourselves to recover the trust of our customers and investors. We promise to do that and more.
Once again, we extend our sincerest apologies.
By Kim Ji-hyun (firstname.lastname@example.org)