Higher penalties for South Korean business malpractice

Calcutta News.Net
Thursday 14th August, 2008

The South Korean Financial Services Commission has asked for fines for executive malpractice.

The tougher penalties are aimed at preventing business malpractice and stock manipulations by executives and major shareholders in financial services companies.

The commission has revealed malpractice in the financial sector has steadily risen in recent years.

The current system comprises of non-monetary penalties ranging from discharge, suspension or salary cuts.

As the financial industry is expected to benefit from wide-ranging deregulation, experts have called on the regulator to protect investors.

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