Financial authorities are investigating allegations that an investment banking (IB) executive at NH Investment & Securities used nonpublic information.
According to the financial investment industry on the 28th, the joint response team to eradicate stock manipulation is conducting a search and seizure at the headquarters of NH Investment & Securities in Yeouido, Seoul.
The joint response team is looking into allegations that an IB executive at NH Investment & Securities used information on a listed company's tender offer while overseeing operations. The executive is suspected of having pocketed tens of billions of won in unjust gains over several years by using the information.
This case is the "second case" of the joint response team formed by the Financial Services Commission, the Financial Supervisory Service, and the Korea Exchange (KRX) to root out unfair trading. Earlier, in the "first case," authorities uncovered a 100 billion won stock manipulation case led by operators of a general hospital and a large private academy.