ORX News digest of the month – April 2018
- 9 May 2018
Every month the ORX News team publishes a featured digest from the ORX News Service. It's a detailed look at one of the losses reported in the media that month, and is handpicked by the team as one of the most interesting stories.
April's digest summary:
Samsung Securities has erroneously paid its employees 2.83 billion shares worth KRW 112.6 trillion (approximately USD 105 billion, EUR 85 billion) rather than a total of KRW 2.83 billion in dividends.
Samsung Securities runs an employee stock ownership plan, through which the firm pays dividends to its employees. Yonhap News reports that the error occurred when transferring dividend pay-outs into employee accounts. The firm intended to pay dividends of KRW 1,000 per share for 2,831,620 shares owned by employees, for a total of KRW 2.83 billion. However, the trader responsible for the transaction typed “share” instead of “won”, paying 1,000 shares per share, Korea Joongang Daily reports. The transaction was approved at around 09:00 KST on 6 April 2018 and 2.83 billion shares of Samsung Securities worth KRW 112.6 trillion were sent to employees.