The subsidiary security division of Samsung Securities turned its employees into millionaires, according to sending them an error of the company's shares on $ 104.8 billion. The quickest managed to translate everything into money, and Here Samsung Securities for a long time will have to deal with consequences of its error.
How everything was
A everything began with of what is Samsung Securities decided to pay 2018 employees for thousand won (about $ 0.94) per each share. However, someone confused something - and lucky people got instead of a thousand won thousand shares.
Thus, the company released 2.8 billion shares in the amount of about 111.8 trillion won (about $ 104.8 billion). A it's in 30 times the value of existing shares.
Who was in time - the one on Hawaii
Employees immediately also warned of " Annoying " error, and through 37 minutes the sale of the issued shares was blocked. But 16 people were quick and behind just minutes sold about 5 million of securities in amount about $ 186.9 million
All of them have already been work, but it seems their is not greatly upset. Also, the culprit of everything that happened happened to be removed.
What are the consequences?
After the incident, the company's shares immediately collapsed 12%. In addition, from cooperation with Samsung Securities refused the local National Pension Service - one of the largest pension funds in South Korea.
Source: The Wall Street Journal