Korean unit of Macquarie Funds Group censured for malpractice
Korea financial investment
Seoul - Yonhap
The South Korean unit of Australia-based asset manager Macquarie Funds Group faces a three-month business suspension and was fined 100 million won (US$910,000) for business malpractice linked to bond trading, the country's financial watchdog said Friday.
According to the Financial Supervisory Service, Macquarie Investment Management Korea has been involved in the business malpractice of "parking" bonds at brokerages for a certain period, not immediately recording bond purchases on the balance sheets of funds under management.
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