Regal Partners denies short selling breaches in South Korea
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The news: Investment manager Regal Partners has denied allegations of breaching short selling laws in South Korea after being indicted by authorities in the country.
The context: Regal said a former employee has been charged by the Korean Prosecutor’s office over alleged breaches of South Korean securities legislation in connection with trading on a single day in 2019.
By extension, Regal Funds Management, as the former employer, has also been indicted.
The charges follow a market wide review of short selling practices undertaken by the Korean Financial Services Commission and indictments issued against global investment banks.
Shares in the company are down 1.5% to $3.83 in early trading on the ASX.
What they said: “RFM denies the allegations and is considering its rights under South Korean law,” the investment manager told investors, adding that it will assess “the materiality of any potential one-off financial impact to the group”.
The source: ASX announcement
