SKorea FSS probing Credit Suisse disclosure of Byucksan deal - official |
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Published
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Tue, 29 May 2007 07:35
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SEOUL (XFN-ASIA) - The Financial Supervisory Service is investigating Credit Suisse for a possible violation of South Korean disclosure rules in connection with its purchase of a stake in building materials company Byucksan Corp, an official said.'It is true that we are investigating Credit Suisse for its delayed report on a stake purchase of more than 5 pct. We are looking into the case but are not certain when we can come up with findings,' an FSS official who asked not to be identified said.The investigation was launched after Credit Suisse reported that its combined stake in Byucksan exceeded 5 pct in December. It only gave out the information on May 25, after its stake had been reduced to 0.9 pct.South Korean rules require the disclosure of stake acquisitions of more than 5 pct in listed companies within five days of the transaction. Buyers are also required to declare whether their interest is for investment purposes or to gain management influence.The FSS official said possible courses of action are a warning or a referral of the case to prosecutors if the failure to disclose is found to have been intentional.bur
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SKorea probing Credit Suisse's Byucksan deal for disclosure compliance - report 