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Samsung Securities : CEO resigns after $105 billion stock blunder
July 27, 2018 at 04:52 pm IST
SEOUL (Reuters) - Samsung Securities Co Chief Executive Officer Koo Sung-hoon resigned after the company was punished by South Korea's financial regulator because an employee's error sparked a $105 billion (80.17 billion pounds) "ghost stock" blunder, the company said in a regulatory filing on Friday.
Koo's departure came a day after South Korea's financial watchdog handed down a six month partial suspension of the brokerage's operations and suspended its chief from his duties for three months over the fat finger error.
The regulatory filing did not provide further details.
Samsung Securities in April accidentally issued 2.8 billion shares to employees - more than 30 times the number of its outstanding shares and theoretically worth some $100 billion - some of which were quickly sold off by workers.
The company was not immediately reachable for comment.
(Additional reporting by Diptendu Lahiri in Bengaluru; Editing by Shailesh Kuber/Keith Weir)
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Duration Auto. 2 months 3 months 6 months 9 months 1 year 2 years 5 years 10 years Max.
Period Day Week
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Samsung Securities Co Ltd is a Korea-based company principally engaged in the financial investment business. The Companyâs operates its business through six segments. The Brokerage segment provides stocks brokerage services. The Corporate Financing segment provides financial services related to initial public offering (IPO), mergers and acquisitions (M&A) and project finance (PF). The Futures Brokerage segment is engaged in the futures brokerage. The Corporation Operating Segment offers consignment sale services to domestic and foreign institutions. The Self Account Transaction segment is mainly engaged in the management of stocks, bonds, derivatives and other products. The Foreign Business segment provides domestic stocks, futures and options to foreign investors.
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Last Close Price
37,500
KRW
Average target price
48,667
KRW
Spread / Average Target
+29.78%
Consensus
+951% of historical performance
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