according to industry sourcesomahaholdemCredit Suisse faces a fine of 50 billion won (US$36 million) for illegal short sales in South Korea, and South Korean authorities will release an update on a broader investigation into the behavior on Friday.

Sources said the Korea Financial Supervisory Authority will fine Credit Suisse's Singapore and South Korean subsidiaries for suspected illegal short selling. The Korea Financial Supervisory Authority and the Financial Commission will review the content of the penalty and finally determine the content of the penalty.

On Friday, South Korea's financial regulator will report the interim results of an investigation into global bank short selling.