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FSC Slaps Heavy Penalties on Former, Incumbent Heads of 7 Financial Institutes

Written: 2023-11-29 17:53:25Updated: 2023-11-29 17:56:57

FSC Slaps Heavy Penalties on Former, Incumbent Heads of 7 Financial Institutes

Photo : KBS News

The Financial Services Commission(FSC) has slapped heavy penalties on former and incumbent heads of seven securities firms and banks that mis-sold fund products of scandal-ridden Lime Asset Management and Optimus Asset Management. 

The commission reached the decision during a meeting on Wednesday with regard to top officials of Shinhan Securities, KB Securities, Daishin Securities, NH Investment and Securities, Industrial Bank of Korea, Shinhan Bank and Shinhan Financial Group. 

Regarding the so-called Lime scandal, the commission decided to slap a three-month-suspension on KB Securities CEO Park Jeong-rim for violating obligations related to devising internal control standards and for providing leverage funds to Lime. 

For Daishin Securities Vice Chairman Yang Hong-seok, the FSC issued a cautionary warning. 

On the scandal regarding the Optimus Asset Management, the commission issued a reprimand warning for NH Investment and Securities CEO Jeong Young-chae. 

The Financial Supervisory Service(FSS) is set to seek separate punitive actions against the top officials of the said financial institutes. 

Back in November 2020, the FSS had decided to issue reprimand warnings for Park and Yang.

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