Samsung Sec to file criminal complaints against employees over "fat finger" trades

Samsung Securities Co

07/05/2018 06:18

SEOUL, May 7 (Reuters) - Samsung Securities Co Ltd
 016360.KS  said on Monday it would file criminal complaints
against its employees who sold shares that they received by
mistake.
    The brokerage's accidental issuance of 2.8 billion shares to
employees - more than 30 times the number of its outstanding
shares and theoretically worth some $100 billion, has led to
public outrage, particularly after it was discovered that 16
workers quickly sold off shares.  urn:newsml:reuters.com:*:nL3N1RN1GV
    The input error by Samsung Securities is one of the latest
controversies hitting the country's biggest conglomerate
Samsung, which also includes accusations against biotech drug
maker Samsung BioLogics Co Ltd's  207940.KS  that it breached
accounting rules.  urn:newsml:reuters.com:*:nL3N1S9063
    "We promised to be strict in reprimanding them and so we
have decided to file criminal complaints against the employees
who exhibited a lack of morals when selling off shares that were
given in error," the brokerage said in a statement. 
    Samsung Securities added that it would "turn over a new
leaf" and take measures to protect investors, including
rebuilding its internal control process and setting up a fund to
support investors damaged by financial accidents.

 (Reporting by Ju-min Park; Editing by Amrutha Gayathri and
Edwina Gibbs)
 ((ju-min.park@thomsonreuters.com; +82 2 3704 5650; Reuters
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