HSBC Holdings' (HSBC) Hong Kong unit was cleared of charges of violating short-selling regulations in South Korea, Yonhap News Agency reported Tuesday.
Yonhap said the Seoul Southern District Court acquitted the bank due to lack of evidence.
The bank was indicted last year after three traders allegedly engaged in illegal naked short selling of shares valued at about 15.8 billion South Korean won ($11 million) in 2021, according to the report. Naked short selling is the practice of selling stocks without securing or placing orders to secure the stocks first, Yonhap added.
HSBC did not immediately respond to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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