Three global hedge funds fined for alleged unfair trading

Screens show the Korea Composite Stock Price Index and dollar-won exchange rate in a trading room at a Hana Bank branch in central Seoul, Dec. 21. Yonhap

Korea's financial regulator has fined three global hedge funds a combined 2 billion won ($1.5 million) over alleged unfair transactions, officials said.

In a statement Wednesday, the Financial Services Commission (FSC) criticized the three funds for pocketing "unfair" profits by allegedly violating the nation's capital market law.

The funds are also accused of violating short-selling rules, the FSC said, without disclosing the funds by name.

The FSC said it would refer the three funds to prosecutors for further investigation. (Yonhap)