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The Financial Supervisory Service (FSS) raided KB Kookmin Bank's Seoul headquarters, investigating its employees' alleged illicit stock trading activities using undisclosed information.
According to the FSS, these employees are suspected of engaging in insider trading, resulting in unfair profits of billions of Won. Between January 2021 and April 2023, their combined gains reached a staggering 12.7 billion Won ($9.48 million), as reported by the watchdog agency.
The investigation revealed that the suspects had purchased shares from 61 listed companies while involved in works related to the companies' capital increase. Shortly after the companies' filings, when the stock prices rose, the employees allegedly sold the shares for substantial profits. These illicit trading activities were carried out using both the suspects' personal stock accounts and those belonging to their family members.
The FSS further disclosed that the suspects shared the confidential information with their families and acquaintances, including colleagues from different divisions and accountants. This enabled others to also profit from the insider information, with estimated gains of approximately 6.1 billion Won obtained by individuals associated with the suspects.
During the raid, investigators from the FSS seized computer equipment and relevant documents as evidence. Additionally, the FSS' capital market special judicial police are investigating whether other parties benefited from the insider information provided by KB officials.
On August 9, the FSS and the Financial Services Commission reported the case to the prosecution, highlighting the severe breach of trust and its impact on investor confidence. An official from the watchdog expressed concern, stating that bank employees had misused internal information that retail investors would typically not have access to before the official filing of capital increase announcements.
The investigation into the suspected insider trading at KB Kookmin Bank continues as authorities work towards maintaining the integrity of the financial market and upholding fairness for all investors.
