THE INVESTOR

메뉴열기
August 26, 2019

Financial crimes in S. Korea fall 10.5% in 2018

PUBLISHED : May 14, 2019 - 13:38

UPDATED : May 14, 2019 - 13:38

  • 본문폰트 작게
  • 본문폰트 크게
  • 페이스북
  • 트위터
  • sms


Financial crimes in South Korea fell 10.5 percent on-year in 2018, data showed on May 14, but authorities vowed to boost efforts to prevent crimes at banks and other financial institutions.

The financial watchdog registered 145 cases of financial crimes, such as embezzlement and loan scams, last year, down from 162 in 2017, the Financial Supervisory Service said in a statement.


Financial crimes were liable for damages worth 129 billion won ($108.4 million) last year, compared with 120 billion won in 2017, according to the data.

The FSS said it will encourage banks and other financial institutions to beef up their internal control systems to prevent new types of financial crimes as more people use digital banking.

Last year, Samsung Securities was under a firestorm of criticism after it mistakenly paid stocks to its employees as dividends. The brokerage had originally planned to pay dividends of 1,000 won to its employees. However, it mistakenly paid 1,000 shares for each stake owned by its workers.

The chaos happened after a Samsung Securities trader made a keyboard entry mistake, typing “shares” instead of “won” in Korean when sending the dividends to employees.

The brokerage accidentally issued 112 trillion won worth of “ghost” stocks, and 16 employees at Samsung Securities sold off a combined 5.01 million shares. The sell-off occurred despite advisories about the mistake being sent to employees, raising concerns about the brokerage’s trading system and moral hazard among its workers.

By Ram Garikipati and newswires (ram@heraldcorp.com)

  • 페이스북
  • 트위터
  • sms
최상단으로
Herald Corporation|CEO : Kwon Chung Won
Publisher. Editor : Kwon Chung Won
Chief Privacy Officer & Juvenile Protection Manager : Yang Sung-jin
Title : The Investor|Date of registration : 2015.04.28
Company Registration No. 104-81-06004
Mail-Order Business Registration 2016 - Seoul Yongsan - 00590
Huam-ro 4-gil 10, Yongsan-gu, Seoul, Korea
T : +82-2-727-0114|Business info
Gov’t registration No. Seoul 아04099
COPYRIGHT HERALD CORPORATION. ALL RIGHTS RESERVED.