Seoul: The country's financial watchdog announced an investigation into an executive at NH Investment and Securities Co. for allegedly assisting his acquaintances in achieving substantial financial gains through the use of undisclosed stock tender offer information.
According to Yonhap News Agency, the Financial Supervisory Service (FSS) is examining claims that the executive provided confidential information about tender offers involving 11 listed companies to colleagues and family members. This information is believed to have resulted in profits amounting to approximately 2 billion won (US$1.4 million).
NH Investment and Securities has been involved in arranging 28 tender offer deals in the first half of the year, representing half of the total 55 similar deals recorded during that period.