Samsung Securities CEO resigns after $105 billion stock blunder -BBG

Samsung Securities Co

27/07/2018 11:40

July 27 (Reuters) - Samsung Securities Co  016360.KS  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 "ghost stock" blunder,
Bloomberg reported on Friday.
    Koo Sung-hoon's resignation was disclosed in a regulatory
filing Friday and the company, one of South Korea's largest
stock brokers, was fined 144 million won, Bloomberg reported. (https://bloom.bg/2LQlqMU)
    Its stock brokerage business was barred from taking new
clients for six months, Bloomberg said.
    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.  urn:newsml:reuters.com:*:nL4N1TN4AN
    The company was not immediately reachable for comments.

 (Reporting by Diptendu Lahiri in Bengaluru; Editing by Shailesh
Kuber)
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