Prabhu Dayal, MD of State Bank of Saurashtra
Mumbai: Prabhu Dayal is the new managing director of State Bank of Saurashtra. Mr Dayal was chief general manager of State Bank of Indore before assuming his new charge.
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Hyundai chief indicted
Seoul: Chairman of Hyundai Securities, Lee Ik-chi, has been indicted on charges of manipulating the stock price of the Hyundai group's electronics arm. Mr Lee has been arrested. The prosecutors say Lee had masterminded the manipulation of the share price of Hyundai Electronics Industries to boost the brokerage's profits and its capital adequacy ration.

Hyundai has officially said it denies the allegations of manipulation..

Prosecutors said Lee mobilised a combined $177 million from Hyundai Heavy Industries and Hyundai Merchant Marine to prop up Hyundai Electronics' shares between May and November 1998.

Lee has become popular by introducing "Buy Korea" investment fund, which accumulated large funds followings its launch in March 1999.
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