After the announcement that they met with Apple, it was revealed that some managers sold shares of 750 thousand dollars during the period when the stock market value of Hyundai increased. The investigation will be started
While the Apple Car conundrum continues, Hyundai executives confirmed that they were in contact with the US technology giant last month, especially in electric car production, this time facing a different dimension of the event.
Let’s start with a short reminder. The shares of the Korean company soon jumped from 192,000 South Korean won to as high as 267,500 won after Hyundai officials confirmed that they had met with Apple last month. In the following process, after the statements made by Hyundai-Kia were firmly denied the negotiations, the shares had declined.
According to Reuters, the South Korea Stock Exchange is preparing to initiate an investigation on Hyundai executives. Within the scope of the review, it will be decided whether the managers who share the information they have met with Apple use it to increase the stock market value of the company and sell shares.
In other words, it is thought that some Hyundai executives may have used inside information about Apple Car negotiations to trade stocks. Because, according to the information provided, 12 managers sold shares with a total value of 753 thousand dollars in this period when the share value increased. It is said that the investigation on the subject may begin next week.
On the other hand, it is stated that Apple is in contact with various automotive companies for the production of its electric and autonomous vehicle. After Hyundai, Nissan also came to the agenda, but there was no positive result.