Eun Seong-su: "Exchange Begins Investigation into Hyundai Motor Executive's Alleged Unfair Gains from 'Apple Car'"

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] Eun Seong-su, Chairman of the Financial Services Commission, stated that the Korea Exchange is scheduled to begin an investigation next week regarding allegations that executives of Hyundai Motor Company used non-public information related to the 'Apple Car' to gain unfair profits.

On the afternoon of the 17th, during the plenary session of the National Assembly's Political Affairs Committee, Chairman Eun responded to a question from Park Yong-jin, a member of the Democratic Party of Korea, about what measures the financial authorities would take concerning the recent allegations of Hyundai Motor executives using non-public information.

According to Representative Park, after reports on January 8th about cooperation discussions with Apple, Hyundai Motor's stock price surged. Then, on February 8th, just one month later, after the announcement of the cooperation suspension, the stock price plummeted, causing the market capitalization of five Hyundai Motor Group companies to evaporate by 13.5 trillion KRW in a single day.

Representative Park pointed out, "From January 11th to 27th, 12 executives including Hyundai Motor's executive directors and managing directors sold shares, raising suspicions that they may have used non-public information during this process," adding, "The confirmed amount is about 3,402 shares, approximately 830 million KRW."

In response, Chairman Eun said, "I heard that the Korea Exchange will begin the investigation next week," and added, "If there is a problem, appropriate measures will be taken."

Representative Park urged, "I ask the Financial Services Commission as well as the Financial Supervisory Service to actively investigate," to which Yoon Seok-heon, Governor of the Financial Supervisory Service, replied, "If the case is referred from the Korea Exchange, we will review the materials."

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