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Fredriksen in hot water in Korea as assets are frozen

Fredriksen in hot water in Korea as assets are frozen

Seoul: John Fredriksen's Geveran Trading has had almost $100m of assets frozen by a South Korean court after it allegedly broke insider trading laws, Bloomberg reports . Cyprus-based Geveran sold a stake of more than 10% in Hyundai Merchant Marine to Hyundai Heavy Industries in April less than six months after some of the shares were purchased. Under South Korean law, employees or a major shareholder who owns more than a 10% stake in a company are banned from selling the stake for six months after their purchase. The regulation is meant to curb short-term gains from stock investment.  [17/08/06]

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