Latest news with #FinancialSupervisoryService
Gulf Today
3 days ago
- Business
- Gulf Today
Foreign investors pump $2.5 billion into Korean stocks in July
Foreign investors bought more Korean stocks for the third month in a row in July, helped by the strong performance of the local stock market, data showed Thursday. According to Yonhap news agency, offshore investors bought a net 3.41 trillion won (US$2.46 billion) worth of local stocks last month, following a net purchase of 3.07 trillion won the previous month, according to the data from the Financial Supervisory Service (FSS). Foreigners had been net sellers of Korean stocks for nine consecutive months through April, but turned to net buying in May. Following their purchase in July, offshore investors owned 921.6 trillion won worth of local stocks, or 27.7 percent of total market capitalisation. By country, investors from the United States were the top buyers, net purchasing 2.48 trillion won worth of shares, followed by those from Ireland with 765 billion won, according to the data. In the local bond market, foreign investors purchased a net 3 trillion won worth of bonds last month, marking the sixth consecutive month of net buying. Their holdings of local bonds had come to 307.7 trillion won as of end-July, accounting for 11.4 percent of listed bonds here, the data showed. In July, the benchmark Korea Composite Stock Price Index (KOSPI) rose more than 6 percent, hitting a yearly high of 3,254.47 on July 30. WAM
Hype Malaysia
7 days ago
- Business
- Hype Malaysia
Bang Si Hyuk Breaks Silence Over Recent HYBE Fraud Allegations
HYBE may be one of K-pop's biggest companies, but the agency has been the talk of the town for an unfortunate reason. After being accused of a series of suspicious activities, founder Bang Si Hyuk (방시혁) finally addressed the allegations. On Wednesday morning (6th August 2025), the music producer sent a company-wide email to address the recent scandal surrounding HYBE. The company and its chairman have been the target of a federal investigation over fraudulent illegal transactions during the company's initial public offering (IPO) process. According to reports, Bang Si Hyuk is accused of misleading HYBE investors about the company's IPO plans to make billions in profit. Additionally, the 53-year-old is accused of having existing investors sell their stock to a special purpose corporation (SPC) established by a private equity fund. These allegations led to an investigation under the Financial Supervisory Service's special prosecutors and a subsequent search and seizure at the HYBE headquarters. South Korean tax authorities also initiated a tax investigation against the company. Responding to the allegations, Bang Si Hyuk expressed regret over the current situation and promised to cooperate with authorities for the investigation. His email marks the first time the public figure has addressed the issue. Since the music producer is currently overseas for work, he also said he put his commitments on hold and will return to South Korea as soon as possible to participate in investigations. Bang Si Hyuk also claimed to have already provided an explanation to authorities about the company's IPO situation during a previous investigation. However, the music executive said he will continue to cooperate in the current investigation and hopefully put the allegations to rest. He concluded the email, expressing a sense of regret over burdening the company and its artists with this issue. Meanwhile, police forces are allowed to conduct additional searches at HYBE's headquarters until 16th August. What are your thoughts on this? Sources: Chosun, Korea JoongAng Daily
Korea Herald
16-07-2025
- Business
- Korea Herald
Ransomware attack disrupts Korea's largest guarantee insurer
Seoul Guarantee Insurance, South Korea's largest provider of guarantee insurance, has been crippled by a ransomware attack, with its core systems offline for a third straight day. The incident began early Monday, when SGI reported an 'abnormal symptom' in its database system. By Tuesday afternoon, a joint investigation by the Financial Supervisory Service and the Financial Security Institute confirmed it was caused by a ransomware breach. As a pivotal player in Korea's guarantee insurance industry, SGI's disruption is generating widespread confusion and inconvenience. The insurer provides guarantees for both individuals and corporations, with a guarantee balance of 478 trillion won ($344.4 billion) as of end-2024. The impact is particularly severe in the housing market, where many rely on guarantee insurance for the 'jeonse' rental system, where renters pay a large, refundable deposit in exchange for no monthly rent. SGI is one of the leading providers in this space, offering the highest cap on jeonse loan guarantees at 500 million won, compared to 200 million to 400 million won from other institutions. While some services have been restored through cooperation with financial institutions, SGI's main data system remains inoperative as of Wednesday morning. In urgent cases, the company has resorted to issuing handwritten guarantee certificates to minimize disruption. Starting Wednesday, the insurer is operating an emergency center to collect reports of consumer damage and support recovery. 'We vow full compensation and are planning responsible follow-up measures,' said SGI President and CEO Lee Myung-soon. This is the first full-system disruption at a Korean financial institution caused by a ransomware attack and a second such case involving a Korean company this year. In June, major online bookstore Yes24 experienced a five-day outage and an estimated 10 billion won in lost sales due to a similar breach.
Korea Herald
13-07-2025
- Business
- Korea Herald
Some conglomerates pay out dividends to owner family through unlisted firms despite sluggish performance
Some family members of South Korean conglomerates have received large dividends from unlisted affiliates, despite a broader economic slowdown driven by political instability and concerns over US tariffs, financial data showed Sunday. According to audit reports posted on the electronic disclosure system by the Financial Supervisory Service, Samyang International Co., an unlisted affiliate of GS Group engaged in golf and tobacco retail, paid out a total of 10 billion won ($7.25 million) in dividends over the past year. The dividend payout exceeded the firm's annual net profit of 9.19 billion won. Of the 10 billion won, an estimated 8.2 billion won is believed to have gone to three members of the GS Group founding family, including Huh Joon-hong, the company's largest shareholder and heir apparent of the conglomerate. Huh and his relatives have also received dividends worth a combined 13.2 billion won from two other unlisted affiliates, including Samjoung Development Co. Meanwhile, K Cube Holdings Co., a company wholly owned by Kakao Corp. founder Kim Beom-su, has decided to pay out 15 billion won in dividends despite a net loss of 3.35 billion won last year. Gwangyoung Construction Co., an unlisted affiliate of real estate giant Booyoung Group, recently distributed 16.3 billion won to Chairman Lee Joong-keun and 3.2 billion won to his eldest son, Lee Sung-hoon, even though the company's net profit stood at just 14.7 billion won last year. Experts noted that the government should tight regulations on corporate governance and the oversight role of boards at unlisted firms. "Financial sanctions should be strengthened for suspicious transactions between listed and unlisted companies," said Lee Hyo-seob, a researcher at the Korea Capital Market Institute. "Reward systems for whistleblowers also need to be significantly enhanced." (Yonhap)
New Straits Times
09-07-2025
- Business
- New Straits Times
South Korea moves to curb unfair stock trading
SEOUL: South Korea's financial regulators and stock bourse operator have prepared measures to curb unfair trading practices, including illegal short-selling, after President Lee Jae Myung ordered a "one-strike out" policy for violators. A joint task force of the Financial Services Commission (FSC), the Financial Supervisory Service and the Korea Exchange will target stock price manipulation, the FSC said on Wednesday, vowing to recover illicit gains and expel offenders from capital markets in the long run. "The highest level of fines (100 per cent of short-sale orders) will be imposed on serious violations of short-selling, with business suspension and trading restrictions," the FSC said. In March, the country's financial regulator said it concluded a probe into short-selling breaches, imposing fines on a total of 13 foreign banks. Naked short-selling, or selling stocks without borrowing them first or determining if they can be borrowed, is banned under South Korea's Capital Markets Act. The Asian nation lifted its ban on short-selling for the first time in five years in March, after preparing a system to better detect illegal trades. The FSC plans to gradually tighten listing criteria, such as market capitalisation and revenue, for "the stock market's growth and credibility".
