Samsung Securities CEO resigns after $105 billion stock blunder (updated)

Samsung Securities Co

27/07/2018 12:09

(Changes sourcing to regulatory filing)
    By Ju-min Park
    SEOUL, 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,
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.  urn:newsml:reuters.com:*:nS6N1R205C
 urn:newsml:reuters.com:*:nL3N1SZ1AE
    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.  urn:newsml:reuters.com:*:nL4N1TN4AN
    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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