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Goldman Sachs' Seoul branch faces scrutiny over short selling transactions

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Goldman Sachs' Seoul branch faces scrutiny over short selling transactions

South Korea's Financial Supervisory Service on June 4 started a two-week inspection of Goldman Sachs Group Inc.'s Seoul branch after its failure to settle short selling transactions, Yonhap News Agency reported, citing a statement from the regulator.

The FSS said the New York-based investment bank's Seoul branch made a short selling transaction on May 30 but failed to settle about 1.3 million shares worth around 6 billion South Korean won for two days. The regulator added that a bookkeeping error may have caused the issue.

The inspection will run through June 15, but could be extended if necessary, it added.

As of June 1, US$1 was equivalent to 1,073.29 South Korean won.