£18bn 'crash trader' facing extradition

A BRITISH trader accused of masterminding an illegal share sale that sparked an £18-billion stock market crash is facing extradition to South Korea.

- Lee Sorrell

Derek Ong, 49, is wanted by prosecutors in Asia after he allegedly manipulated the market with a quickfire stocks sell-off, plunging the financial exchanges into chaos.

The British national was working in Hong Kong at the time for global investment firm Deutsche Bank, which reaped a £28.5million profit from the illicit deals.

But a wave of compensation claims from out-of-pocket investors followed.

Now, after a 12-year international investigation, Ong has appeared in a London court to face extradition proceedings, to decide whether he should be the first Briton to be sent to South Korea to face trial.

Ong, who is serving a 10-year trading ban, appeared at Westminster Magistrates Court earlier this month for a series of hearings over his alleged crimes.

A decision on his extradition is due to be made in September.