Samsung Securities Co., Ltd to proceed with prosecution for ghost stock selling employee
Kim Min Soo | minsu@ | 2018-05-08 10:47:39
Samsung Securities is expected to sell criminal stocks due to dividend accusations and criminalize employee who has problematic moral hazard. Koo Song-hoon and all executives decided to purchase treasury stocks to enhance shareholder value.
Samsung Securities, on May 7, stated that it has set up three so called "self-innovation measures" such as the protection of investors, the enhancement of shareholder value, and the rearmament of morality.
Firstly, Samsung Securities decided to file a criminal complaint against employee who sold shares that were distributed in wrong way.
16 employees of Samsung Securities sold 5,020,000 shares of misallocated shares on the day of the dividend incident of Samsung Securities, resulting in a plunge in the share price of Samsung Securities, causing damage to good faith investors. Besides, six employees were caught who tried to sell stocks but did not close the deal.
Meanwhile, Samsung Securities is also carrying out civil proceedings related to corporate disciplinary and trading losses on its employees apart from the criminal charges. All 27 executives, including Samsung Securities CEO Koo Song-hoon, decided to purchase treasury stocks to enhance shareholder value. The share buybacks of executives are scheduled to be revealed after the announcement of 1st quarter earnings results.
On the other hand, Samsung Securities is expected to increase its ROE by adding a system to limit employees` self-trading such as prohibiting online sales, holding period of obligations, and approving them beforehand. The accident progress, on the homepage, the company`s grassland, lessons, etc. will be disclosed at all times.
Investor protection funds are being considered to protect small investors. Samsung Securities is planning to use the Investor Protection Fund for free legal aid for financial institutions and financial-related unfair trade victims after they operate their own operations or entrust their operations to public interest organizations.
Besides, the company has strengthened preemptive protection activities to prevent accidents by restructuring internal systems and internal control processes, as well as dividend-related systems that have already been improved. Also, it is conducting objective and periodic verification from external experts. Samsung Securities CEO Koo Song-hoon stated, "I believe that this incident has inspired many investors as well as the general public along with all employees including me are greatly reflecting. We will make new DNA and plant it so that clients can experience it clearly. "
By Kim Min Soo minsu@
[ copyright ⓒ The Digitaltimes ]
Samsung Securities, on May 7, stated that it has set up three so called "self-innovation measures" such as the protection of investors, the enhancement of shareholder value, and the rearmament of morality.
Firstly, Samsung Securities decided to file a criminal complaint against employee who sold shares that were distributed in wrong way.
16 employees of Samsung Securities sold 5,020,000 shares of misallocated shares on the day of the dividend incident of Samsung Securities, resulting in a plunge in the share price of Samsung Securities, causing damage to good faith investors. Besides, six employees were caught who tried to sell stocks but did not close the deal.
Meanwhile, Samsung Securities is also carrying out civil proceedings related to corporate disciplinary and trading losses on its employees apart from the criminal charges. All 27 executives, including Samsung Securities CEO Koo Song-hoon, decided to purchase treasury stocks to enhance shareholder value. The share buybacks of executives are scheduled to be revealed after the announcement of 1st quarter earnings results.
On the other hand, Samsung Securities is expected to increase its ROE by adding a system to limit employees` self-trading such as prohibiting online sales, holding period of obligations, and approving them beforehand. The accident progress, on the homepage, the company`s grassland, lessons, etc. will be disclosed at all times.
Investor protection funds are being considered to protect small investors. Samsung Securities is planning to use the Investor Protection Fund for free legal aid for financial institutions and financial-related unfair trade victims after they operate their own operations or entrust their operations to public interest organizations.
Besides, the company has strengthened preemptive protection activities to prevent accidents by restructuring internal systems and internal control processes, as well as dividend-related systems that have already been improved. Also, it is conducting objective and periodic verification from external experts. Samsung Securities CEO Koo Song-hoon stated, "I believe that this incident has inspired many investors as well as the general public along with all employees including me are greatly reflecting. We will make new DNA and plant it so that clients can experience it clearly. "
By Kim Min Soo minsu@