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Ex-chairwoman of Hanjin Shipping summoned over illegal stock trading

All News 10:11 June 08, 2016

SEOUL, June 8 (Yonhap) -- A former head of Hanjin Shipping Co. was summoned by prosecutors Wednesday over suspicions she illegally sold company stock after obtaining insider information to avoid losses.

Choi Eun-young appeared before the Seoul Southern District Prosecutors' Office as a suspect on charges of violating the Financial Investment Services and Capital Markets Act.

"I will fully cooperate with the investigation," she told reporters before entering the office.

The 54-year-old and her two daughters are suspected of selling stocks of the financially troubled Hanjin Shipping in April of this year after obtaining information that the company will go through a creditor-led debt restructuring.

The controversial stock sale was completed a few days before Hanjin Shipping, long troubled by an industry slump and ballooning losses, decided to apply for a creditor-led debt revamp and a self-rescue program.

Currently, Choi is the chairwoman of Eusu Holdings Co. that separated from Hanjin Group in May 2015.


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