Stock market investigation underway as $100bn of shares issued in fat finger' error

Samsung Securities is set to be included in a probe into the "overall stock markets system" in South Korea after it accidentally issued more than $100bn worth of shares to its employees.

Stock market investigation underway as $100bn of shares issued in fat finger' error

Samsung Securities is set to be included in a probe into the "overall stock markets system" in South Korea after it accidentally issued more than $100bn worth of shares to its employees.

The stock-trading arm of the Samsung conglomerate and one of the country's largest brokerages causes chaos last week after an employee accidentially issued 2.8 billion shares to staff.

The employee was supoosed to pay dividends worth 2.8 billion won to staff as part of a stock ownership scheme, but instead entered the figures into the system as "shares" rather than "won" whihc is the South Korean currency.

The trade was blocked 37 minutes after it had been initiated.

The mishap, known as a "fat finger" error, prompted public outrage and calls for changes to be made in the inductry.

Shares in Samsung Securities, the nation’s fourth largest brokerage, have dropped 10% since Friday, with South Korea’s Financial Supervisory Service (FSS) saying that the incident had damaged the stability and credibility of the country’s financial system, as well as causing damages to investors.

The Wall Street Journal reports that FSS head Kim Ki-sik met with 16 brokerage chiefs in Seoul today to request stronger protections for investors.

- Digital Desk

more courts articles

Man (25) in court charged with murdering his father and attempted murder of mother Man (25) in court charged with murdering his father and attempted murder of mother
Man appears in court charged with false imprisonment of woman in van Man appears in court charged with false imprisonment of woman in van
Man in court over alleged false imprisonment of woman Man in court over alleged false imprisonment of woman

More in this section

FILE PHOTO The Competition and Consumer Protection Commission has cleared the purchase of Goodbody Stockbrokers by AIB END Goodbody Stockbrokers fined over €1.2m by Central Bank over rules breaches
Nottingham City Centre Stock Irish staff at the Body Shop wait for wages as retailer shuts stores in the Republic
Ryanair comments on Norwegian Ryanair boss O'Leary's spat with Transport Minister over Dublin Airport escalates
IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
ie logo
Puzzles Logo

Play digital puzzles like crosswords, sudoku and a variety of word games including the popular Word Wheel

Lunchtime News
Newsletter

Keep up with the stories of the day with our lunchtime news wrap.

Sign up
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited