[단독] 165 billion CERCG debt default that shakes the bond market… the court “there was a parking transaction”

The court admitted that there was a “parking transaction” between securities companies in the debt default situation of the Chinese National Low Energy Chemical Group (CERCG) that shook the Korean bond market. Parking transaction is an illegal transaction in which a product is purchased for an amount exceeding the operating limit, and the profit is shared at the time of disposal by entrusting it to another securities company. In some cases, criminal penalties have been carried out on securities company employees who suffered losses from parking transactions, which is expected to be a wave. Previously, after the CERCG incident occurred, police investigations and financial supervisory investigations were conducted on the controversy about incomplete sales and the employees who received the back money and brought the bonds into Korea, but no investigation was conducted on the suspected parking transaction.

Unlike the first trial ruling in which the plaintiff lost in a lawsuit against Hyundai Motor Securities by Shinyoung Securities and Yuanta Securities on the 20th, Hyundai Motor Securities accounted for 70% of the trading price. They ruled to indemnify 10.4 billion and 9.8 billion respectively.

The Ministry of Justice said, “Hyundai Motor Securities employee A temporarily stored a bill worth 36.55 billion won in another company, which exceeded the company’s internal holding limit of 60 billion won,” and said, “Under the premise that a third customer must purchase it again within a certain period of time. Shinyoung Securities and Yuanta Securities had to buy and store corporate papers, but they did not implement them.” “This act is illegal because it refused to sign the sale contract without reason even though it gave a legitimate expectation that the sale contract for bills would be concluded.” He admitted that an employee of Hyundai Motor Securities had done a’parking transaction’ in which Shinyoung Securities and Yuanta Securities account for the excess bill.

The phone call submitted as evidence revealed the situation where Mr. A was looking for a parking partner, such as “I have to turn this all over once” and “I’m setting up the rotation right now.” After the CERCG default, I asked the other party, “Isn’t there anything I put in those 100 (10 billion won)? If this is officially a problem, shouldn’t my brother (Shinyoung Securities employee B) also talk to the company?” If you accept the other person’s item for a while, you will get a bigger injury,” he said. Mr. B also asked, “It’s the neatest thing to take it back, but please find a way to do that.”

However, the court limited the liability for compensation to 70%, saying, “Shinyoung and Yuanta Securities are legal holders of corporate papers, and it fits the notion of fairness to share some risks.” In addition, he said, “The act of keeping corporate drafts is an abnormal behavior that uses personal intimacy between employees,” and “Shinyoung and Yuanta Securities who participated in this should also bear part of the damage,” he clarified that they are also responsible for the parking transaction. .

The bond market has already suffered a measles with a parking deal. In June 2015, the Seoul Southern District Prosecutor’s Office (Chief Prosecutor Park Chan-ho), a former bond management fund manager, condemned the former bond management fund manager C, etc. for the alleged loss to the fund funds while conducting a parking transaction. Handed over to trial. Mr. C was sentenced to three years in prison at the first trial, two years in prison at the second trial, and three years probation. The appeals court has been hearing for more than three years in the first division of the Supreme Court (Presiding Judge Park Jung-hwa). After the prosecution’s investigation, the practice of parking transactions is known to have disappeared in the bond market. However, the court’s judgment again revealed the practice of parking transactions.

In May 2018, an asset-backed corporate paper (ABCP) based on the corporate bonds of a CERCG subsidiary was issued in Korea under the supervision of Hanwha Investment & Securities. However, when the default occurred in June of the same year, the bond market was shocked. Liability has been raised against the host, who has not properly identified corporate insolvency, the credit rating agency that has given a credit rating of’A’ to the CERCG draft, and the financial authorities that have not properly monitored it. Since then, the situation has expanded from a battle of responsibility among financial companies to a litigation war. In addition to the lawsuit against Hyundai Motor Securities by Yuanta Securities and Shinyoung Securities, KB Securities, Hyundai Motor Securities, Hana Bank, BNK Busan Bank, etc. The first trial is underway in the Seoul Southern District Court

Meanwhile, employees of Hanwha Investment & Securities and Ebest Investment & Securities, who were handed over to trial for selling the above bills to a domestic securities company after receiving back money from CERCG, have three years in prison and five years of probation. However, there is a possibility that they will be additionally prosecuted with the company on charges such as fraud under the Specific Economic Crimes Weighted Penalty Act and punished again. The Seoul Central District Court Criminal Agreement Department 34 (deputy judge Heo Sun-ah) is hearing the case.

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