BOOKMARK
  • Korean|
  • Chinese|
  • Japanese|
  • Vietnamese
본문내용 바로가기

Aju Business Daily

SEARCH
  • ECONOMY
  • ENTERTAINMENT
  • IT
  • South Korea
  • North Korea
  • WORLD
  • SPORTS
  • LIFESTYLE
  • AUTO MOTIVE
  • OPINION
  • PEOPLE
  • MILITARY
Home > Finance > article

Samsung brokerage issues public apology in newspaper ad

Park Sae-jin Reporter(swatchsjp@ajunews.com) | Posted : April 16, 2018, 11:01 | Updated : April 16, 2018, 11:01
  • 트위터
  • 페이스북
  • 웨이보

Samsung Securities executives and senior officials write letters of apology at a meeting on April 14 in Seoul. [Courtesy of Samsung Securities]


SEOUL -- "Everything is clearly our fault," read a conspicuous front-page advertisement posted by the brokerage arm of South Korea's largest Samsung conglomerate on all major newspapers on Monday.

The advertisement came after Samsung Securities CEO Koo Sung-hoo and all other executives and senior managers held a penitential meeting on Saturday and wrote letters of apology for non-existent "ghost" stocks paid to employees as dividends.

Under a stock ownership plan, Samsung Securities had planned to pay cash dividends of 1,000 won (0.94 US dollars) to 2,018 employees on April 6, but shares were paid due to a keyboard entry mistake. At least 16 employees sold shares quickly to gain profits.

The unprecedented mistake sparked concerns about the credibility of securities firms. Financial regulators warned of punishment, saying it revealed a "serious" problem in the internal trading system of Samsung Securities and "moral hazard" among employees.

In Monday's advertisement, Samsung Securities vowed to compensate investors, admitting the incident was caused by sloppy business handling and the lack of vocations ethics. "Once again, we sincerely apologize to the people for our mistake," it said, adding the company would sternly punish those who sold off ghost stocks.

Public criticism is widespread and some angry investors called for a criminal investigation. "The incident was a scam and an act of market disturbance," "Edaero", a user from South Korean web portal Daum, wrote. Another user "Suwondaek" said: "They should be legally punished for their actions. It's not something that can be evaded with a letter of apology."

  • Park Sae-jin Reporter
  • email : swatchsjp@ajunews.com
© Aju Business Daily & www.ajunews.com Copyright: All materials on this site may not be reproduced, distributed, transmitted, displayed, published or broadcast without the authorization from the Aju News Corporation.
  • twitter
  • facebook
  • weibo
  • link copy
  • LIST
  • TOP

Related news

  • .Purported CG images of Samsungs first foldable phone leaks online.
    Purported CG images of Samsung's first foldable phone leaks …
  • .Samsung uses 5G network to live broadcast MWCs official media channel.
    Samsung uses 5G network to live broadcast MWC's official med…
  • .Samsungs outdoor ad sparks speculation about foldable phone.
    Samsung's outdoor ad sparks speculation about foldable phone
  • .Samsungs new stylus pen introduces telephoto lens for zoom features.
    Samsung's new stylus pen introduces telephoto lens for zoom …
  • .Renaults electric vehicles to use self-driving technology developed in S. Korea  .
    Renault's electric vehicles to use self-driving technology d…

Real Time Photo News

  • .Girl band AOAs Seolhyun stars in cable TVs historical period drama .

    Girl band AOA's Seolhyun stars in cable TV's historical period drama

  • .BTS becomes first K-pop band to go on global stadium tour.

    BTS becomes first K-pop band to go on global stadium tour

  • .Rookie girl band ITZY drops dance practice video for debut song.

    Rookie girl band ITZY drops dance practice video for debut song

  • .S.E.S. member Shoo gets suspended jail term for habitual gambling.

    S.E.S. member Shoo gets suspended jail term for habitual gambling

  • .Girl band TWICE to come back in April with new album.

    Girl band TWICE to come back in April with new album

Latest News

more+

  • Purported CG images of Samsung's first foldable phone leaks online
  • SK Telecom forges partnership with Microsoft to roll out cloud-based big data analytics service
  • S. Korea ready to set up inter-Korean fishing zone along sea border
  • Girl band AOA's Seolhyun stars in cable TV's historical period drama
  • BTS becomes first K-pop band to go on global stadium tour
Aju Business Daily
  • ABOUT US
  • CONTACT US
  • PRIVACY STATEMENT
  • Copyright Policy

Address : Aju News Corporation LEEMA Building, 11th floor, 42, Jong-ro 1-gil, Jongno-gu, Seoul.    Mail : swatchsjp@ajunews.com

Copyright ⓒ 2016 By Ajunews Corporation, All Rights Reserved.

Mobile view