[Courtesy of Shinhan BNP Paribas Asset Management]
Prosecutors raided the office of Shinhan BNP Paribas Asset Management, a leading asset management company in South Korea, Wednesday to acquire evidence about market manipulation.
Prosecutors suspect that three Shinhan BNP Paribas fund managers including a 49-year old man surnamed Sung have been involved in the manipulation of stock prices to profiteer billions of won. The company had its office raided by prosecutors last year.
The move followed complaints from the Financial Services Commission, and prosecutors plan to summon Sung and other fund managers for questioning later.
Shinhan BNP Paribas is a joint venture between BNP Paribas, a French multinational bank and financial service company, and South Korea's leading Shinhan Financial Group.
Aju News Park Sae-jin = swatchsjp@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
