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Hanmag Securities nearing insolvency after trading glitch

Hanmag Securities nearing insolvency after trading glitch

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Published : 2013-12-13 20:14
Updated : 2013-12-13 20:14

The Korea Exchange suspended the stock trading business of Hanmag Securities, which incurred technical faults in operation of investors’ sell and buy orders on Thursday.

The brokerage firm is estimated to have suffered losses worth 46 billion won on the day ($41 million) due to its order mistake, according to the main bourse.

Hanmag said it failed to settle all transactions on Friday, making the firm virtually bankrupt. Considering the firm’s equity capital stays at 19.8 billion won as of October, it will be likely placed under capital erosion, said market insiders.

Hanmag said that the financial accident came from faults in its network programs. The company is likely to be subject to intensive inquiry of financial regulators.

(kys@heraldcorp.com)

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