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Article: S. KOREA'S FINANCIAL REGULATOR TO PROBE HERMES' STAKE DUMP.
- Article from:
- AsiaPulse News
- Article date:
- December 16, 2004
CopyrightCOPYRIGHT 2004 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SEOUL, Dec 16 Asia Pulse - South Korea's financial regulator Thursday launched a probe into allegations that British pension fund Hermes Investment Management has violated stock market rules in selling its stake in Samsung Corp (KSE:000830).
Financial officials pointed out that in a March market disclosure, Hermes said it bought a 5 per cent stake in Samsung Corp. shares for pure investment purposes, but later dumped all of its shares on Dec. 3 just days after mentioning in an interview its intent to launch a merger and acquisition attempt on the firm.
"There are strong suspicions that Hermes engaged in unfair trading. In view of the impact on the ...