A South Korean court on Tuesday acquitted HSBC on charges of violating the country's short-selling rules, the Yonhap News Agency reported. The Hong Kong unit of the bank was charged with illegal short-selling worth nearly 16 billion won ($11.

Seoul Southern District Court ruled that HSBC's Hong Kong subsidiary was not guilty of alleged short-selling rule violation, Yonhap News Agency reported. No evidence showed that HSBC employees knew of possible violations before conducting short sales.

SEOUL (Reuters) - A South Korean court on Tuesday acquitted HSBC on charges of violating the country's short-selling rules, the Yonhap News Agency reported. The Hong Kong unit of the bank was charged with illegal short-selling worth nearly 16 billion won ($11.01 million) by the prosecution, the report said. ($1 = 1,452.9800 won)

The South Korean legal system discharged HSBC Holdings Plc of all the charges that it made in relation to illegal short selling.

HSBC, the Hong Kong-based banking unit, was cleared of charges related to violation of short-selling rules in South Korea, as per a court official on Tuesday.