The Fair Trade Commission launched an all-round investigation into banks and securities companies on suspicion of collusion in government bond bidding.

The Fair Trade Commission launched an all-round investigation into banks and securities companies on suspicion of collusion in government bond bidding.: COMPANY / Reporter Kim Jisun / 2023-07-04 02:03:22

[Alpha Biz=(Chicago) Reporter Kim Jisun] It has been confirmed that the Fair Trade Commission is looking into banks and securities firms to investigate whether there have been unfair collusion in the bidding process for treasury bonds.

According to industry sources on the 3rd, the FTC launched an on-site investigation into major commercial banks such as KB Kookmin Bank, Hana Bank and NH Nonghyup Bank, as well as a number of banks, including state-run banks such as IBK Industrial Bank of Korea and Korea Development Bank. The FTC is reportedly looking into whether they colluded in the bidding process for treasury bonds.

At the same time, the FTC also launched an on-site investigation into four securities firms -- Korea Investment & Securities Co., Shinhan Financial Investment Corp., Daishin Securities Co. and Kyobo Securities Co. It is understood that these securities firms also looked into whether there were any unfair agreements or information exchanges during the bidding process for treasury bonds.

At the end of last month, the FTC conducted an investigation into KB Securities, Meritz Securities, Samsung Securities, NH Investment & Securities, Kiwoom Securities, the Korea Financial Investment Association, and Mirae Asset Securities.