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Samsung Securities head office searched after dividend mishap

A Samsung Securities Co. Ltd. official confirmed that South Korean prosecutors searched the brokerage's head office as part of an investigation into an erroneous dividend payment, Reuters reported May 28.

The official did not give additional details as the probe is ongoing. The brokerage accidentally paid out approximately 2.8 billion shares to employees in April, prompting some to quickly sell the shares.

The country's financial watchdog has reported 21 Samsung Securities employees to prosecutors for trading or trying to sell the shares to profit from the error.

A Seoul prosecutor official was not immediately able to give a comment, according to the report.