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Article: Financial Regulator to Probe Hermes' Stake Dump.
- Article from:
- YON - Yonhap News Agency of Korea
- Article date:
- December 16, 2004
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SEOUL, Dec. 16 (Yonhap) -- 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.Financial officials pointed out that in a March market disclosure, Hermes said it bought a 5-percent 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 market, we've ...