Next week, the South Korean stock exchange will launch an investigation to find out if Hyundai Motor executives may have used classified information to trade shares following reports of a partnership with Apple. This was announced by a source citing a representative of the exchange.
Hyundai shares jumped 21% between the initial announcement of talks with Apple and an announcement last week that the talks had ended.
According to a representative of the exchange, as a result of the check, it should become clear whether there are any suspicions of an offense. The results of the check will be transmitted to the regulator.
As a reminder, last week the company said it was not in talks with Apple on autonomous vehicles. However, a month earlier, information appeared that negotiations were at an early stage. Between the two reports, twelve Hyundai executives sold approximately 3,400 shares for approximately $ 753,000.
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