Reuters reported on Wednesday (17) that the South Korean stock exchange may start examining next week whether Hyundai executives are insider trading through the news of Apple Car partnership.
In recent months, Apple (AAPL-US) and Hyundai (005380-KR) have been negotiating an Apple Car partnership that has sparked a lot of buzz in the market, with Hyundai shares jumping 21% from January 8 when Hyundai announced the news to February 8 when Hyundai revealed that negotiations had ended.
Now, the South Korean stock exchange will investigate whether Hyundai made improper profits from the news during this period. It is reported that 12 Hyundai executives changed hands in about 3,400 shares of the company’s stock during this period, making a profit of about 833 million won.
Eun Sung-soo, the top financial regulator of the South Korean Financial Commission (FSC), told the South Korean parliamentary committee that the review may be launched from next week.
The source said that the review will examine whether Hyundai is involved in wrongdoing and the investigation Time will depend on the situation, and the South Korean Stock Exchange will inform the FSC of the results.
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