An employee of the security subsidiary of Samsung Securities accidentally transferred to the company’s employees a thousand shares instead of a thousand won (about $ 1) per share as dividends. Because of its mistake, about 3 billion shares worth a total of 111.8 trillion won (about 105 billion dollars) were additionally issued.
16 employees Samsung, received “ghost” shares, within a few minutes managed to sell their part of the securities, earning about 187 million dollars. After another half hour, representatives of Samsung managed to block the possibility of selling shares.
All participants in the incident were suspended from work. Their actions affected not only the fall in the company’s share price by 12%, but also the refusal of one of South Korea’s largest pension funds to cooperate with Samsung.