MUMBAI, July 1: Baffled by the recent multi-crore CRB scam, Korean financial subsidiary Daewoo Securities (India) is planning to close down its Indian operations soon. Daewoo Securities, which had the beleagured CRB as its partner holding 24 per cent, had recently issued termination oreders to 11 of its 22 employees with a one to three months' notice.

``Officially, the management is claiming that it is downsizing the staff. But baffled by the CRB scam, it's about to close its Indian operations,'' a sacked top official said.

A recent Delhi High Court order had asked the company to produce a bank guarantee of Rs 2.6 crore, equivalent to the 24 per cent stake held by the CRB Capital Markets.

In a relevant move, Daewoo Securities also voluntarily snapped its connectivity to National Stock Exchange (NSE).

In fact, Daewoo Securities had recieved a breather on June 27, 1997 when the Reserve Bank of India had directed all the banks to follow the order of the Delhi High Court to de-freeze the accounts of the company-CRB-Capital Markets.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.