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Prosecutors raid financial holding company over stock manipulation
By KH디지털2Published : March 7, 2017 - 12:51
Prosecutors on Tuesday raided the headquarters of a bank holding firm based in the country's second largest city of Busan over allegations of stock price manipulation, prosecution officials said.
Officials at the Busan District Prosecutors' Office said its investigators have confiscated documents from BNK Financial Group and its affiliates Busan Bank Co., BNK Securities Co. and BNK Capital Co., as well as the offices of their top executives.
The raid came after the Financial Supervisory Service asked the prosecution to investigate allegations the financial group manipulated its stock price in early 2016 by lending money to companies and asking them buy its stocks.
Prosecutors reportedly plan to summon the group's chairman Sung Se-whan for questioning after completing an analysis of the confiscated materials.
Separately, the group has been under investigation over allegations it gave favors to the developer of a controversial skyscraper along the city's famous Haeundae Beach.
The Busan prosecution will announce the results of its probe into corruption allegations surrounding the skyscraper later in the day. (Yonhap)
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