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Samsung Securities CEO steps down following dividend error

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Samsung Securities CEO steps down following dividend error

Samsung Securities Co. Ltd. CEO Koo Sung-hoon stepped down a day after he was given a three-month suspension over a dividend error in April, Reuters reported July 27, citing a regulatory filing.

The brokerage was also barred by South Korea's Financial Services Commission from offering services to new investors for six months, effective July 26. The regulator noted that the brokerage was fined 144 million won, and that eight executives of the company were reprimanded for the mishap.

No further details were disclosed in the filing, Reuters said, adding that the brokerage was not immediately reachable for comment.

In April, Samsung Securities erroneously paid 1,000 shares for each stake owned by its employees instead of dividends of 1,000 won, after a trader mistakenly typed "shares" instead of "won" in Korean.

As of July 27, US$1 was equivalent to 1,116.45 South Korean won.