South Korea fines 15 banks and brokerages record $1.2 billion for bond bid rigging
Briefing by News4U · First published
South Korea’s Fair Trade Commission imposed a record 1.62 trillion won ($1.2 billion) fine on 15 primary dealers—10 brokerages and five banks—for colluding in 150 government bond auctions between January 2020 and June 2023, exchanging bidding yields and volumes via phone and messaging apps, and reaching agreements in 145 auctions; KB Securities received the largest fine of 332.1 billion won, and seven firms were referred for criminal investigation. [1] [2]
Sources
- Korea Fines Bond Dealers Record $1.2 Billion Over Collusion
Bloomberg · · Summary only
- FTC to fine 15 firms 1.62 tln won for rigging gov't bond bids
Yonhap Business · · Full text