(Seoul = Yonhap News) Reporter Kang Min-ji =’Iverage Bank Discovery Fund Fraud Damage Countermeasure Committee’ is performing a’funeral performance calling for mediation of the FSS’s head of fraudulent sales of the Discovery Fund’ in front of the Financial Supervisory Service in Yeouido, Yeongdeungpo-gu, Seoul. 2021.1.28 [email protected]
(Seoul = Yonhap News) Reporter Kim Yeon-sook = The sanctions process for banks that sold private equity funds, which caused massive damage, began in earnest.
The Financial Supervisory Service is IBK Industrial Bank, which sold Lime Fund and Discovery Fund.[024110]The sanctions review committee (sanctions review) was held on the 28th at 2pm in a non-face-to-face manner.
Discovery Asset Management, the manager of the Discovery Fund, also faced sanctions on this day.
The Financial Supervisory Service previously informed the IBK of the disciplinary proposal earlier this month. It is known that the disciplinary plan includes severe disciplinary action for more than a censure warning (recommendation for dismissal, suspension of work, warning of reprimand) against Chief Kim Do-jin at the time the fund was sold.
It is reported that IBK emphasized efforts to relieve investor damage in order to lower the level of disciplinary action during the sanctions review.
In 2017-2019, IBK sold the Discovery US Fintech Global Bond Fund and the Discovery US Real Estate Senior Bond Fund worth KRW 361.2 billion and KRW 318 billion, respectively. However, the redemption of 69.5 billion won and 21.9 billion won, respectively, is delayed as US managers are unable to recover bonds invested in fund funds.
Lime Fund, which caused a large-scale redemption suspension, also sold 29.4 billion won.
Investors who suffered damage from investing in the Discovery Fund through IBK held a rally in front of the Financial Supervisory Service on the same day and said, “Reflecting the peculiarity of IBK, a state-run bank, must pay heavy discipline on the principle of zero tolerance to former and current employees and sales organizations.” He also urged him.
The Financial Supervisory Service will determine the level of sanctions against IBK and its management, and will proceed with sanctions review for Woori, Shinhan, Industrial and Busan Banks involved in the private equity crisis within February to March.
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2021/01/28 14:48 sent