Korea First Officials Lose Stock Options

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Korea First Officials Lose Stock Options


The government-run Korea Deposit Insurance Corp. said Sunday that it has ordered Korea First Bank to cancel the stock options it gave last year to its executives, including the bank's president, Wilfred Y. Horie.

The bank provided 16 top executives options to buy 5.27 million shares at 5,079 won ($4.00) per share. "This violates securities laws which were revised on March 15 of last year. Korea First's board gave the options to the executives, including nonstanding directors, at its shareholders' meeting on March 30," an official at the government agency said.

Before last year's revision, the exercise price for options was the market price or the par value of the stock, depending on which was higher.

But since last March, the Financial Supervisory Commission has set exercise prices for companies like Korea First, whose trading has been halted.
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