Samsung Sec to file criminal complaints against employees over "fat finger" trades
Samsung Securities Co Ltd said on Monday it would file criminal complaints against its employees who sold shares that they received by mistake.
The brokerage's accidental issuance of 2.8 billion shares to employees - more than 30 times the number of its outstanding shares and theoretically worth some US$100 billion, has led to public outrage, particularly after it was discovered that 16 workers quickly sold off shares.
The input error by Samsung Securities is one of the latest controversies hitting the country's biggest conglomerate Samsung, which also includes accusations against biotech drug maker Samsung BioLogics Co Ltd's that it breached accounting rules.
"We promised to be strict in reprimanding them and so we have decided to file criminal complaints against the employees who exhibited a lack of morals when selling off shares that were given in error," the brokerage said in a statement.
Samsung Securities added that it would "turn over a new leaf" and take measures to protect investors, including rebuilding its internal control process and setting up a fund to support investors damaged by financial accidents.