Samsung Headquarters Raided in South Korea Over Alleged Insider Trading Case
Prosecutors from the Seoul Southern District Prosecutors’ Office carried out a search-and-seizure operation at Samsung’s headquarters in Suwon, south of Seoul, as part of an ongoing probe, legal sources told Yonhap.
The investigation is linked to allegations involving employees of Rainbow Robotics, a company that is now a subsidiary of Samsung. Authorities suspect that some individuals may have used confidential information related to Samsung’s acquisition of the firm to generate illicit trading profits.
According to reports, a total of 16 people, including senior executives such as the head and chief financial officer of Rainbow Robotics, have been referred to prosecutors on suspicion of violating South Korea’s Capital Markets Act.
They are alleged to have earned unlawful gains estimated between 3 billion and 4 billion won (approximately $1.96 million to $2.6 million) through trading based on non-public information during Samsung’s share acquisition process between 2022 and 2024.
Earlier reporting indicates that Rainbow Robotics’ offices were also searched by investigators in March as part of the same broader inquiry.
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.
Legal Disclaimer:
EIN Presswire provides this news content "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 author above.
