Chief of financial holding firm arrested over stock price manipulation
BUSAN, April 19 (Yonhap) -- The head of a bank holding firm based in the country's second largest city of Busan has been arrested over allegations of stock price manipulation, court officials said Wednesday.
The Busan District Court issued a warrant on Tuesday night to detain Sung Se-whan, chairman of BNK Financial Group, citing the possibility of him destroying evidence.
The investigation began after the Financial Supervisory Service (FSS) asked the prosecution to look into allegations the financial group rigged its stock price in early 2016 by lending money to companies and asking them to buy its stocks.
Prosecutors suspect that Sung orchestrated the alleged manipulation. Sung is known to be flatly denying the charges.
A former executive of the holding firm, identified only by his last name Kim, was also arrested for his involvement in the alleged crime.
(END)
-
Ateez to drop new Japanese EP next week
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
(2nd LD) BTS wins three Billboard Music Awards, marking 6th year to win an award
-
Crypto investor probed over allegedly visiting house of Terraform's CEO
-
(2nd LD) N. Korea still unresponsive to S. Korea's outreach for talks on COVID-19: official
-
(LEAD) Yoon, PPP lawmakers travel to Gwangju en masse to commemorate 1980 democracy uprising
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
S. Korea to send condolence delegation to UAE over death of president
-
(LEAD) At least 8 injured in S-Oil refinery explosion in Ulsan: firefighters
-
(LEAD) Biden set to arrive in S. Korea for first summit with Yoon
-
(LEAD) At least 8 injured in S-Oil refinery explosion in Ulsan: firefighters
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
(2nd LD) 8 injured in S-Oil refinery explosion in Ulsan: firefighters
-
At least 4 injured in S-Oil refinery explosion in Ulsan: firefighters
-
(LEAD) Biden set to arrive in S. Korea for first summit with Yoon