Photo = Yonhap News
Regarding the suspension of repurchases of the Optimus Asset Management Fund, there was no conclusion at the first held by the Financial Supervisory Service Sanctions Deliberation Committee (sanctions).
The FSS held a sanctions trial on the afternoon of the 19th, and fund seller NH Investment & Securities(11,350 -0.44%)It deliberated on the level of disciplinary action against Hana Bank and its trustee. However, it was not possible to conclude and decided to hold the meeting again on the 4th of next month.
An official from the Financial Supervisory Service explained, “We proceeded with the deliberation while sufficiently listening to the statements and explanations of many company officials and the inspection bureau, but we decided to resume the meeting again next month.”
NH Investment & Securities is the largest seller of Optimus Fund. It sold 432.7 billion won (84%) out of 5146 billion won in the total redemption suspension.
The issue of this sanction review is expected to be the responsibility for insufficient internal control. It is known that the Financial Supervisory Service previously notified NH Investment & Securities CEO Chung Young-chae of a three-month job suspension and institutional sanctions against NH Investment & Securities.
The level of sanctions against financial company executives is divided into five stages: △recommendation for dismissal △recommended job △consultant warning △cautionary warning △caution. From the censure warning, it corresponds to severe disciplinary action. If severe punishment is imposed, you will not be able to work in the financial sector for 3 to 5 years.
Sanctions against financial companies are divided into five stages: △registration/authorization cancellation, △business suspension, △corrective order, △institutional warning, and △institutionalism. Usually, institutional warnings are classified as severe disciplinary action.
Hana Bank, a trustee of the Optimus Fund, was also notified of severe disciplinary action such as an institutional warning. However, Hana Bank President Ji Seong-gyu was excluded from the sanctions, and only the employees in charge of Optimus-related work were notified of the sanctions.
The KFTC, which served as an office management company, was also notified of the severe disciplinary bill in advance, but was excluded from the sanctions review on the day. The FSS’s explanation is that the Board of Audit and Inspection is looking into related issues and will follow when a conclusion is reached.
The sanctions review is the advisory body of the FSS. The results of the deliberation have no legal effect, and the details of sanctions will be finalized through the approval of the FSS Commission, deliberation by the Securities and Futures Commission, and the resolution of the Financial Services Commission. If you disagree with the outcome after the disciplinary proposal is finalized, you may file an application for temporary injunction and administrative litigation for suspension of disciplinary effect.
Song-ryul Lee, reporter of Hankyung.com [email protected]
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