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[Alpha Biz=(Chicago) Reporter Paul Lee] NH Investment & Securities Co., Meritz Securities Co., Yuanta Securities Co. and Sangsangin Securities Co. lost some of their cases in court over the embezzlement of employees of the Chunghun Foundation, the largest shareholder of KOSPI-listed DI Dongil.
The case is a case in which a foundation employee took out a loan worth more than 10 billion won from a securities firm on the same DI shares held by the foundation as collateral. In other words, the court finally admitted that securities firms were negligent in reviewing loans. However, the court acknowledged the foundation's responsibility for poor internal accounting management and ruled that the foundation should partially compensate the securities firm.
According to the financial investment industry on the 13th, the court dismissed the third trial appealed by the Garden Foundation in May and confirmed the second trial ruling. As a result, the four securities firms returned all dividends they received during the period of holding shares and 2,559,750,000 shares of the same DI to the Constitutional Foundation on May 18.
However, the Supreme Court asked the foundation to pay 2.6717 billion won in compensation to the securities firm, holding it responsible for internal accounting insolvency.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
