Cops raid South Korean broker after suspect China bond sales

Business | 26 Oct 2018 10:58 am

Police raided the headquarters of Hanwha Investment & Securities Co in South Korea today as part of an investigation into suspicions one of its employees sold company bonds without fully disclosing some key information to investors.

Six investigators from the Seoul Metropolitan Police Agency searched the premises to confiscate evidence related to the allegations, Yonhap reports.

Police began the inquiry into the Hanwha brokerage after Hyundai Motor Securities Co., one of the investors that bought the corporate debts Hanwha was selling in China, filed a complaint seeking a criminal investigation.

Hyundai Motor Securities claimed it suffered huge losses from the investment because the Hanwha employee did not notify them of some important details about the bond sales.

An official at Hanwha Investment said the ongoing raid is confined to the employee's desktop and documents, and the company is cooperating with the police probe.

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