FSC sanctions Woori Financial Group chair for improper sales of funds
이 글자크기로 변경됩니다.
(예시) 가장 빠른 뉴스가 있고 다양한 정보, 쌍방향 소통이 숨쉬는 다음뉴스를 만나보세요. 다음뉴스는 국내외 주요이슈와 실시간 속보, 문화생활 및 다양한 분야의 뉴스를 입체적으로 전달하고 있습니다.
The Financial Services Commission (FSC) on Wednesday sanctioned Woori Financial Group Chairman Son Tae-seung for improper sales of funds.
The FSC announced it agreed to give a reprimand warning to former executives of Woori Bank for the “incomplete sales of the Lime funds.”
A reprimand warning is the third-heaviest punishment on the regulator’s five-level punishment scale.
The punishment is in response to the selling of risky Lime Asset Management funds to retail customers. Many of these customers lost money after the funds were frozen.
Son was the head of Woori Bank, a group subsidiary, when the bank was marketing the Lime funds.
The warning bars Son from holding positions at financial companies for three years, although current terms can be completed.
Son’s term as the group chairman is scheduled to end in March.
The FSC decision will bar Woori Bank from selling new private equity funds for three months.
Woori Bank in July was handed a 7.66 billion won ($5.31 million) fine for its violations of investment advertisement and the duty to deliver investment prospectus.
Following the announcement, Woori Bank said it has not yet decided on a reaction plan.
The bank plans to “first thoroughly review related content and then respond,” it said in a statement.
BY JIN MIN-JI [jin.minji@joongang.co.kr]
Copyright © 코리아중앙데일리. 무단전재 및 재배포 금지.
- Blood moon total lunar eclipse to be visible Tuesday night in Korea
- Samsung Electronics cuts smartphone production target
- Girl groups continue dominating domestic music charts
- Hip-hop club workers pulled survivor from Itaewon crush
- Crews reflect on breaking barriers within dance after 'Street Man Fighter'
- BTS Jin features in various shows on TV and YouTube
- [INTERVIEW] More migration must be considered, says population policy expert
- Son Heung-min could bring back the 'Tiger Mask' in Qatar
- Korea and U.S. discuss chip restrictions
- Raids continue into handling of Itaewon tragedy