Morgan Stanley's Seoul office reprimanded for unauthorised business
Seoul - Yonhap
Morgan Stanley's Seoul branch and two of its officials have been reprimanded for engaging in financial business without the establishment of an adequate system to operate it, South Korea's financial watchdog said Thursday. According to the Financial Supervisory Service (FSS), the Seoul office of the U.S. banking group examined the financial status and viability of purchasing bad loans in 2011 in cooperation with Morgan Stanley Income Securities Inc.'s Seoul branch and Morgan Stanley's Hong Kong office
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