Top court upholds HSBC's acquittal in short-selling case
SEOUL, Oct. 8 (Yonhap) -- The Supreme Court on Thursday upheld a lower court's a...
The Supreme Court of South Korea has upheld the acquittal of HSBC Hong Kong's unit in a criminal case related to short-selling violations, according to a report on Thursday. This marks the first instance of such a case in the nation's history.
Prosecutors had indicted the bank in March 2024, accusing three of its employees of engaging in illegal naked short selling of shares worth around 15.8 billion won (approximately US$11.8 million) from August to December 2021. Naked short selling involves the practice of short selling stocks without first securing them or ensuring their availability.
In the initial trial conducted by the Seoul Southern District Court, the bank was acquitted, with the court ruling that there was insufficient evidence to prove the employees had knowingly violated South Korean short-selling rules while engaging in the illegal activity. This decision was reinforced by an appellate court, before ultimately being confirmed by the Supreme Court.
Written by urgent.news from Yonhap News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Top court upholds HSBC's acquittal in short-selling case koreatimes.co.kr
