While 12 Hyundai Motor executives have been caught using undisclosed information on the joint development of Apple cars, financial authorities will begin a full-fledged investigation after the hearing.
According to the Korea Exchange on April 11, the exchange has been hearing on related issues since February and informed the Financial Services Commission of the latest results.
Based on these findings, the Financial Services Commission's Capital Market Research Group or the Financial Supervisory Service will launch an investigation.
An official from the Korea Exchange explained, "The hearing of the market monitoring headquarters is the level of a first-stage basic investigation, and the allegations have yet to be confirmed and only suspected."
Hyundai Motor's share price soared on the back of reports of joint development of Apple cars on January 8, but plunged after a month after Hyundai Motor said that the company is not in talks with Apple on the development of self-driving cars."
In the process, it was revealed that 12 Hyundai Motor executives disposed of their stocks during the stock surge, raising suspicions that they might have used undisclosed information.
A total of 3,402 shares (including preferred shares) were disposed of by them, and the amount was 830 million won.
Under these circumstances, financial authorities are expected to examine the possibility of using undisclosed information more precisely as the exchange catches some suspected circumstances.
In response, Eun Sung-soo, chairman of the Financial Services Commission, said, "If there is a problem as a result of the Korea Exchange's hearing, we will take reasonable measures."