Wednesday, May 17, 2006
Cox Meets with South Korea Counterpart
SEC Chairman Christopher Cox met last week with the Chairman of South Korea's Financial Supervisory Commission Chairman. They discussed investor protection approachs and agreed to enhanced cooperation between the two agencies. The chairmen of both agencies noted the need for further cooperation as US investors increasingly invest in Korean businesses and Korean investors avail themselves of the U.S. markets. The SEC press release is here.
This comes at a time when South Korea has been shaken by the Hyundai scandal -- South Korea's equivalent of the Enron scandal here in the U.S. The Hyundai chairman has been indicted for siphoning off millions of dollars from the company for the payment of bribes.