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KOREA'S TRADING OF CREDIT-CARD COMPANY BONDS REMAINS SLUGGISH.
SEOUL, May 1 Asia Pulse - Transactions of credit-card company bonds remain sluggish as institutions, burned by SK Global's accounting irregularities, are reluctant to buy them, market sources said Thursday.
"Trading is still in the doldrums as institutions are worried about possible defaults," an investment trust company official said. "They are simply unwilling to buy them."
According to the Korea Securities Dealers Association and investment trust companies, the daily trading value of card bonds ranged from 400 billion won (US$328.8 million) to 600 billion won in January and February.
But the daily volume tumbled below 100 billion won following the March 11 revelation that SK Global doctored its 2001 financial statements to hide losses.
Last month, the daily turnover rose from 150 billion won to 250 billion won as some individual investors purchased them with the hope of high profits, but institutions remained on the sidelines.
Suh Cheol-su, an analyst at LG Investment & Securities Co., said the market remains skeptical that credit ...
- SK Global crisis puts trust firms in jeopardy.
- News wire article from: Asia Africa Intelligence Wire June 2, 2003 700+ words
...crisis at SK Global Co., Korea's investment trust companies...by local investment trust firms, which...issued by SK Global. The trust...trust firm. Investment trust companies...worth of SK Global bonds. The...
- INVESTMENT TRUSTS FILE FOR BOND REDEMPTION BY KOREA'S SK GLOBAL.
- News wire article from: AsiaPulse News April 3, 2003 700+ words
SEOUL, April 3 Asia Pulse - Investment trust companies said Wednesday they filed a suit against SK Global (KSE:01740) to redeem 27 billion...seeking protection for investments in SK Global, the trading arm of South Korea's...
- Corporate lending surges in March: Accounting scandal at SK Global.
- News wire article from: Asia Africa Intelligence Wire April 10, 2003 700+ words
...debt investors in the wake of SK Global's accounting missteps rushed...A major accounting scandal at SK Global Co. hit the financial markets...credit shortage took a toll on investment-trust companies (ITCs), according...
- SK Global creditors call for help from reluctant sister companies.
- News wire article from: Asia Africa Intelligence Wire March 17, 2003 700+ words
...Sang-soo Staff reporter Creditors of SK Global Co., the scandal-ridden trading arm...showing reluctance to pitch in to bailout SK Global from its legal mess and financial woes. SK Global recently admitted to having inflated its...
- SK Global creditors press for more aid from parent group.
- News wire article from: Europe Intelligence Wire May 22, 2003 700+ words
...Agence France Presse) Local creditors of SK Global, the scandal-tainted trading arm of...affiliates do not provide more aid to SK Global. "SK Group must first take responsibility for capital erosion or bad assets at SK Global, and then creditors will share the remaining...
- Hana warns SK Global to be liquidated without aid from SK Group.
- News wire article from: Europe Intelligence Wire July 15, 2003 700+ words
...Hana Bank, a leading South Korean creditor of SK Global, warned that the ailing firm would be liquidated...discuss whether to reverse its pledge of aid for SK Global. "SK Global will take the course of being liquidated via court...
- Creditors decide to liquidate SK Global, could lead to group break-up.
- News wire article from: Europe Intelligence Wire May 28, 2003 700+ words
...Presse) Creditors have decided to put SK Global, the ailing trading arm of South Korean...creditor Hana Bank said. The liquidation of SK Global, whose fraudulent bookkeeping triggered...falsifying accounts to inflate earnings at SK Global. The decision to liquidate SK ...
- DOMESTIC LIABILITIES OF KOREA'S SK GLOBAL TOP US$5.23 BLN.
- News wire article from: AsiaPulse News March 17, 2003 700+ words
...March 17 Asia Pulse - Scandal-tainted SK Global Co.'s (KSE:01740) liabilities...holding company for the SK Group having SK Global under its wing, said it would not provide...support to the troubled trading company. SK Global's creditors had earlier called on sister...
- SK chief vows to revive SK Global; Creditors report additional 4.
- News wire article from: Asia Africa Intelligence Wire May 30, 2003 700+ words
...in shock and awe over the decision by SK Global Co.'s creditors to pull the plug on...in the stalled talks. "I will revive SK Global by all means," Son Kil-seung, the...conglomerate. It was the first remark regarding SK Global made by the group chairman since the...
- SK Global faces bankruptcy pressure.
- News wire article from: Europe Intelligence Wire June 19, 2003 700+ words
...threatened to file for the liquidation of SK Global, throwing into doubt the proposed bail...decision by domestic creditors to rescue SK Global and vowed to press for the company...prompt winding up and liquidation of SK Global," said a letter by UBAF to Hana Bank...
Source: HighBeam Research, KOREA'S TRADING OF CREDIT-CARD COMPANY BONDS REMAINS SLUGGISH.