Photo: Rainbow Robotics

 

[Alpha Biz= Paul Lee] South Korean prosecutors are preparing to launch an investigation into allegations that executives at Rainbow Robotics used undisclosed information related to Samsung Electronics’ investment in the firm to profit from stock trading.

According to legal sources, the Financial and Securities Crime Joint Investigation Division at the Seoul Southern District Prosecutors’ Office recently received a complaint from the Securities and Futures Commission accusing several company officials of violating the Capital Markets Act.

Financial authorities previously identified 16 individuals suspected of trading ahead of the announcement of Samsung’s investment. Two were formally referred for prosecution, while the remaining 14 were referred to prosecutors for investigation. Key suspects reportedly include the company’s chief executive and chief financial officer.

Rainbow Robotics’ market capitalization has surged to more than 14 trillion won, largely driven by Samsung Electronics’ investment and its emergence as the company’s largest shareholder.

Prosecutors are also handling several other market manipulation cases but are facing manpower shortages. The financial crimes unit currently has only four prosecutors, and the office is considering requesting additional staff to support the investigation.

 

 

 

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