Korean authorities monitor Ssangyong situation

SEOUL - Korean regulator the Financial Supervisory Service has said that it is monitoring the situation at Ssangyong Fire and Marine Insurance where recent changes in share ownership have occurred. According to some reports these breach the rules on reporting share changes. Sam-Ai Industrila and its affiliates began buying up Ssangyong Fire and Marine stock last week when it already had 8%. The current law requires companies to report to the financial watchdog agency when their stake in another company surpasses 5%. "We are not certain at which exact point Sam-Ai Industrial and its affiliates acquired over a 5% stake in Ssangyong Fire and Marine but Sam-Ai's reports will help us detect any possible irregularities in its transaction," one FSS official told reporters. The moves take place as PCI Investek which acquired an 11% stake in Ssangyong Fire and Marine from Ssangyong Cement., is expected to win managerial rights to the insurer, something that Sam-Ai has said it will waive.