VOL. XLV
No 30
29-July-2002
SAUDI ARABIA
Korean Refiner S-Oil Under Police InvestigationFor Alleged Fraud
South Korean police have launchedan investigation into the countrys third largest refiner, S-Oil Corporation, afterallegations that the company manipulated its share price to the benefit ofcompany executives and overstated its 2001 profits. S-Oil, in which Saudi Aramco invested $400mn for a 35% stake in 1991, has deniedthe allegations and threatened to launch a counter action against...
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