[Alpha Biz=(Chicago) Reporter Paul Lee] Kiwoom Securities (039490), which incurred outstanding payments amounting to 500 billion won amid the stock price manipulation of Youngpoong Paper (006740), plunged more than 20%.

The financial authorities decided to check the risk management status of securities firms related to attempted transactions in the wake of the stock price manipulation of Youngpoong Paper.

According to the Korea Exchange on the 24th, Kiwoom Securities closed at 76,300 won, down 23.93% on the 23rd, the biggest drop of the year.

Kiwoom Securities earlier announced on the 20th that the lower limit of Youngpoong Paper has caused 494.3 billion won in unpaid amounts from its customer trust account since the market closed. Authorities and exchanges soar as Youngpoong Paper is involved in stock price manipulation The deal was suspended after hitting the lower limit on the 18th.

 

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