Deutsche Bank Korea appeals freeze order over stock manipulation

The South Korean of Deutsche Bank AG has appealed a Seoul court's decision to freeze its assets over allegations that the company pocketed massive profits from illegal stock market trading late November.

The bank lodged the appeal last month in response to the Seoul Central District Court's order to freeze 44.8 billion won or $42.3 million worth of deposits jointly held by the lender and Deutsche Securities Korea, its brokerage unit, court spokesman Gong Do-il said.

The sum, deposited at the bank's Seoul branch and HSBC Bank Plc. here, is equivalent to the amount prosecutors estimate the foreign bank unit raked in through the alleged market manipulation.

The latest move came as prosecutors have looked into allegations that several employees made massive profits by placing hefty stock sell orders on the local market, triggering a sharp 2.7-percent plunge in the key stock index KOSPI on Nov. 11.

The full story is available at Bernama.

Also Read

Standard Chartered launches digital request quote module Autoquote

Citi launches Token Services for Cash for institutional clients

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit