Hyundai Motor Executives’ Stock Trading Called into Question

Democratic Party of Korea lawmaker Park Yong-jin said that the Financial Supervisory Service and the Financial Services Commission would have to look into whether Hyundai Motor Group executives made unfair profits from undisclosed information and rumors about the group’s cooperation with Apple.

“News outlets reported on Jan. 8 that Hyundai and Apple would work together to manufacture electric vehicles, and then the stock prices of the group soared,” the lawmaker explained, adding, “On Feb. 8, the opposite news caused the market cap of the group’s five companies to plunge by 13.5 trillion won.”

“Between the two dates, from Jan. 11 to Jan. 27 to be specific, a total of 12 executives sold their shares in quantity,” he went on to say, continuing, “The general public is angry about this and the financial authorities have to investigate this issue.”