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Prosecutors seek arrest warrant for ex-chairwoman of Hanjin Shipping

All News 19:50 June 12, 2016

SEOUL, June 12 (Yonhap) -- Prosecutors on Sunday filed for an arrest warrant for a former head of Hanjin Shipping Co. accused of illegally selling company stocks by misusing insider information.

Choi Eun-young is specifically charged with violating the Financial Investment Services and Capital Markets Act, according to prosecutors probing the case at the Seoul Southern District Prosecutors' Office.

The 54-year-old and her two daughters allegedly sold stocks of the financially troubled Hanjin Shipping in April 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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