Saturday, July 23, 2005

FSS accuses Hermes of share manipulation

South Korea's financial regulator yesterday accused Hermes, the UK fund, one of its managers and its Korean broker of conspiring to manipulate Samsung Corp's share price, referring the matter to the supreme prosecutors' office for a criminal investigation.

But while it ruled Hermes was liable for its employee's actions, it did not refer Daewoo Securities, the Korean brokerage, to the prosecutor over its trader's actions.

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