403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Samsung HQ Raided Over Suspicions of Insider Trading
(MENAFN) South Korean prosecutors descended on Samsung Electronics' headquarters Thursday in a sweeping insider trading probe, media reported — the latest development in a widening investigation into alleged illicit gains tied to a high-profile corporate acquisition.
Investigators from the Seoul Southern District Prosecutors' Office executed a search-and-seizure operation at the tech giant's Suwon campus, located south of Seoul, media reported, citing legal sources.
The raid centers on allegations that staff at Rainbow Robotics — now a Samsung subsidiary — exploited confidential acquisition information to generate unlawful trading profits. A total of 16 individuals have been referred to prosecutors for suspected violations of the Capital Markets Act, among them Rainbow Robotics' chief executive and chief financial officer.
The suspects are accused of reaping illicit gains estimated between 3 billion and 4 billion won — roughly $1.96 million to $2.6 million — by trading on non-public information during the period Samsung was acquiring shares in the company between 2022 and 2024.
Thursday's operation was not the first time authorities have moved against the firm. Rainbow Robotics' own headquarters were previously subjected to a similar search in March, signaling that investigators have been building their case for months.
Investigators from the Seoul Southern District Prosecutors' Office executed a search-and-seizure operation at the tech giant's Suwon campus, located south of Seoul, media reported, citing legal sources.
The raid centers on allegations that staff at Rainbow Robotics — now a Samsung subsidiary — exploited confidential acquisition information to generate unlawful trading profits. A total of 16 individuals have been referred to prosecutors for suspected violations of the Capital Markets Act, among them Rainbow Robotics' chief executive and chief financial officer.
The suspects are accused of reaping illicit gains estimated between 3 billion and 4 billion won — roughly $1.96 million to $2.6 million — by trading on non-public information during the period Samsung was acquiring shares in the company between 2022 and 2024.
Thursday's operation was not the first time authorities have moved against the firm. Rainbow Robotics' own headquarters were previously subjected to a similar search in March, signaling that investigators have been building their case for months.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment