South Korean official probes trading losses at Citibank Korea worth more than $10.2M
South Korea’s financial watchdog said Monday it has been investigating Citibank Korea Inc. over derivatives trading losses worth more than 10 billion won ($10.2 million).
“After our regular inspection in October revealed derivatives-related losses that looked necessary for further investigation, we launched an extraordinary probe early December to find the cause of the losses and whether the trading activities were properly managed,” said a Financial Supervisory Service official, who asked not to be named.
He declined to elaborate on details of the transaction under investigation, and said the regulator hasn’t decided yet whether the case is subject to a penalty or what the size of a possible penalty might be.
Citibank Korea declined to comment, saying it is checking the matter.
Source: Lubbock Online.
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