Number of Unfair Trade Reports Up 118% YoY... Exchange Rewards Whistleblowers
A Total Reward of 41.13 Million KRW for 4 Informants Scheduled for Payment in August
[Asia Economy Reporter Gong Byung-sun] The number of reports during the concentrated reporting period for unfair trade, which lasted from October 19 last year to May 31 this year, has more than doubled compared to the same period last year. The Korea Exchange plans to pay rewards exceeding 40 million KRW to four whistleblowers.
On the 23rd, the Market Surveillance Committee (MSC) of the Korea Exchange announced that it will pay a total of 41.13 million KRW in rewards to four individuals who reported suspected unfair trade during the concentrated reporting period (October 19, 2020 ? May 31, 2021).
The reward recipients were selected based on the importance and contribution to the investigation. The reward amounts were set at 37.8 million KRW for one general reward recipient and 3.33 million KRW each for three minor reward recipients, with payments scheduled for this month.
Among the rewarded whistleblowers, the one who reported fraudulent trading is expected to receive a total reward exceeding 100 million KRW if the reported content leads to prosecution or other actions. This is the highest reward amount ever paid. The previous highest individual reward was 40.9 million KRW, recorded in March 2014 for reporting unfair trade. The whistleblower reported that listed company A was suspected of artificially inflating its stock price through false reports.
During the concentrated reporting period, the number of unfair trade reports reached 390, an increase of 118% compared to the same period last year. The types of unfair trade reports were led by market manipulation with 289 cases, followed by fraudulent trading with 71 cases, and insider trading with 25 cases.
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The MSC stated, “Recently, unfair trade activities have been occurring through various channels such as social networking services (SNS) and YouTube in the capital market, making investor reports crucial. The MSC actively rewards whistleblowers and thoroughly protects them, so we urge active reporting.”
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