ID :
19700
Tue, 09/16/2008 - 14:18
Auther :
Shortlink :
http://m.oananews.org//node/19700
The shortlink copeid
S. Korean regulator halts operations of two Lehman units in Seoul
SEOUL, Sept. 16 (Yonhap) -- South Korea's financial regulator said Tuesday it ordered two units of Lehman Brothers Holdings Inc. in Seoul to suspend operations as the America's No. 4 investment bank filed for bankruptcy.
In an emergency meeting early in the day, the Financial Services Commission
banned the two Lehman unit from receiving savings and repaying loans, the
regulator said in a statement.
The measure was aimed at "protecting investors at home and preventing
potential chaos in local financial markets," the commission said.
As of the end of July, the Lehman units in Seoul had a total of 1.6 trillion won
(US$1.44 billion) in assets, it said.
The 158-year-old investment bank collapsed over the weekend under its heavy
exposure to mortgage losses in the U.S.
South Korean financial companies held about $720 million in securities linked to
Lehman, the commission said on Monday.
In an emergency meeting early in the day, the Financial Services Commission
banned the two Lehman unit from receiving savings and repaying loans, the
regulator said in a statement.
The measure was aimed at "protecting investors at home and preventing
potential chaos in local financial markets," the commission said.
As of the end of July, the Lehman units in Seoul had a total of 1.6 trillion won
(US$1.44 billion) in assets, it said.
The 158-year-old investment bank collapsed over the weekend under its heavy
exposure to mortgage losses in the U.S.
South Korean financial companies held about $720 million in securities linked to
Lehman, the commission said on Monday.
