Samsung Securities slapped with W50 million FSS fine

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Samsung Securities slapped with W50 million FSS fine

Samsung Securities has been slapped with a 50 million won ($48,000) fine by the Financial Supervisory Service for making unfair purchases of corporate paper in a deceitful way 81 times through three other securities firms during a period between January 2010 and October 2011.

The FSS said yesterday it would impose the fine and ordered salary cuts for an executive. It issued a warning to an executive and cautioned three other related employees of Samsung Securities.

The company purchased about 813 billion won worth of corporate paper from 13 companies in a way to hide such transactions.

The company was also found to have made trust transactions of funds worth about 4.4 trillion won under false names from March 2011 through September 2012.

It also signed an unfair contract to outsource IT data processing work by not clearing an estimated price with its affiliate.

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