Financial Supervisory Service to postpone the conclusion of the sanctions trial between Korea and Shinhan for the’lime crisis’

The Financial Supervisory Service reopened the Sanctions Deliberation Committee on the 18th for Woori Bank, Shinhan Bank, and Shinhan Financial Group, which caused massive losses due to the sale of the’Lime Private Equity Fund’. .

The Financial Supervisory Service said, “The sanctions review proceeded until late at night while listening sufficiently to the statements and explanations of a number of company officials and the inspection bureau, but due to time, the meeting was terminated, and the meeting was decided to resume at a later time for in-depth deliberation.” .

Earlier, Woori Bank and Shinhan Bank sold 357.7 billion won and 2769 billion won of Lime Fund, respectively. The Financial Supervisory Service judged that there were inadequate internal controls and unfair solicitation in the process, and informed Woori Financial Group Chairman Son Tae-seung, who was the president of Woori Bank at the time the Lime Fund was sold, of the amount of suspension of work, and a censure warning to Shinhan Bank President Jin Ok-dong.

For Shinhan Finance, it was determined that Shinhan Bank and Shinhan Investment Corp were responsible for managing the complex store operation in the process of selling Lime Fund at the complex store. For this reason, Cho Yong-byung, chairman of Shinhan Financial Group, was notified in advance of a cautious warning, which is a hard disciplinary action.

On this day, the Financial Supervisory Service did not confirm the date of the next sanctions review. Earlier, in the sanctions trial on the 25th of last month, it was announced that the meeting will be resumed on March 18th. As Shinhan Bank has decided to proceed with the dispute settlement process for the Lime Fund, which has not confirmed its losses, there is a possibility that it will be held after the Dispute Mediation Committee next month. If a financial company joins the subgroup and accepts the decision to adjust the subgroup, the Financial Supervisory Service’s Financial Consumer Protection Office can present a’examination opinion’ at the sanctions review.