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This is what is called "short selling" to borrow a stock that does not exist,
Goldman Sachs International has been caught in a financial deal with the company, which sells shares without borrowing money. What is known as "short selling without borrowing" is illegal.
The maximum amount of the criminal fine has been inflicted.
This is a report from the reporter Yu Jung Jung.
[리포트]In May, Goldman Sachs International decided to sell its shares in a market without borrowing in just two days.
After borrowing a particular share of a stock, and then having bought back and repaid the borrowed stock, it is a method of national short trading, that Goldman Sachs ordered a sale without even borrowing shares.
Of these, 11.2 billion won and 245 million won were not delivered to buyers on time.
The Securities and Futures Commission has fined Won 7.5 billion for the illegal activities of Goldman Sachs.
Originally, the FSS recommended a fine of one billion won, which has been significantly improved.
Up to now, the heaviest penalty for "non-refundable short selling" was 60 million won.
He added that Goldman Sachs was not properly equipped with the trading system and that the illegal effect of "short selling" on the market had resulted in the heaviest fines of all time.
In particular, this seems to reflect the growing public dissatisfaction among short-term investors regarding short selling due to the recent instability of the stock market and the generalized public opinion demanding a severe sanction for companies of securities after the dividend error of Samsung Securities.
[배동준/공매도 제도개선주주연대 대표 : “우리나라 주식시장의 심리를 떨구고, 주식시장을 불황으로 몰고 간 원인 중에 하나가 공매도라고 생각하고 있습니다.”]However, unfair commercial practices such as market manipulation and undisclosed information have not been confirmed, the Supreme Court said.
The Financial Supervisory Commission intends to improve the punishment next month and to propose a short sale plan to increase the opportunities for participation of individual investors.
KBS News C is Ok Jung Jung.
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