Woori chair receives top reprimand from FSC, upsetting bid to extend term

Woori Financial Group Chairman Sohn Tae-seung [Provided by maekyung Media Group]

The Financial Services Commission slaps “reprimand warning” to former executives of Woori Bank including Woori Financial Group Chairman Sohn Tae-seung, former Woori Bank president, for improper sales of risky Lime Asset Management funds ended in major losses for investors. Sohn will likely file an injunction against the decision as legal risk can get in the way for his bid to extend term that ends in March, A reprimand warning is the third-heaviest punishment in the regulator’s five level sanctions and employment in financial sector is restricted for 3 to 5 years.

By Pulse