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| ▲ This photo provided by KB Kookmin Bank shows its headquarters in western Seoul. (PHOTO NOT FOR SALE) (Yonhap) |
KB Kookmin Bank-raid
Financial regulator raids KB Kookmin Bank headquarters over employees' profiteering allegations
SEOUL, Aug. 23 (Yonhap) -- South Korea's financial regulator launched a raid on the headquarters of KB Kookmin Bank on Wednesday over allegations that some of its employees made an unfair profit of 12.7 billion won (US$9.5 million) by taking advantage of undisclosed information, officials said.
A special investigation unit under the Financial Supervisory Service (FSS) has been searching the bank's headquarters in western Seoul to secure documents and hard disk drives to see how the employees gained access to undisclosed information and shared the information with their families and acquaintances, according to the officials.
The employees are suspected of purchasing stocks of companies that had plans to issue bonus shares by using insider information between January 2021 and April 2023.
The FSS and the Financial Services Commission have also reported the allegations to the prosecution.
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