
[미디어SR 김병주 기자] The second trial of sanctions against Woori Bank, Shinhan Bank, and Shinhan Financial Group, the Lime Fund sellers that caused a massive redemption suspension, ended without a conclusion. The level of disciplinary action against Woori Financial Group Chairman Son Tae-seung and Shinhan Bank Chairman Jin Ok-dong, which are of interest to the US, is finally decided in the third sanctions trial.
According to the financial industry on the 19th, the Financial Supervisory Service conducted a second sanction review on Woori Bank, Shinhan Bank, and Shinhan Financial Group on the 18th, but could not conclude. Accordingly, the Financial Supervisory Service is planning to hold a third sanctions trial at the end of this month to determine whether or not to be disciplined.
It is known that most of the time was spent on hearing the second sanctions trial by Shinhan Bank officials explaining their efforts to rescue victims, and financial authorities listening to them. This is due to the fact that the Shinhan Bank sanction review was virtually impossible to proceed with the prolonged sanctions review against Woori Bank during the first sanctions review.
In particular, Shinhan Bank Chairman Jin Ok-dong attended the second sanctions trial and drew attention. It is known that Mr. Jin actively clarified the problem of’poor internal control’ that the FSS referred to as a reason for disciplinary action.
Shinhan Bank has held the position that it is unreasonable to discipline even the CEO on the basis of’poor internal control’. Woori Financial Group Chairman Son Tae-seung, who attended the first sanctions hearing, did not attend this time.

As conclusions could not be drawn from the second sanctions review, the disciplinary levels of Chairman Sohn Tae-seung and Chief Jin Ok-dong, which were of interest to the US, are expected to be finalized in the third sanctions review.
Regarding the incomplete sale of the Lime Fund, the FSS notified Chairman Son of a suspension of duties and a severe disciplinary action of a censure warning to Jin. If the punishment is confirmed, both will be restricted from employment in the financial sector for the next three to five years.
Most of the industry officials viewed the likelihood that the level of disciplinary action would be determined in the second sanctions review. It was because of the’dispute mediation committee (hereinafter referred to as the sub-group) variable’. Financial authorities have already said they will reflect each company’s efforts to relieve victims in whether or not to reduce disciplinary action.
In fact, Woori Bank held an extraordinary board meeting on the 15th and decided to accept the dispute settlement proposal from the Lime subcommittee of the Financial Supervisory Service. The Financial Supervisory Service notified of an adjustment plan with the main goal of applying a basic compensation ratio of 55% to Lime private equity funds sold by Woori Bank.

However, considering that Shinhan Bank’s dispute settlement procedure has only recently commenced, the final disciplinary level decision will take a little longer. The fact that the financial authorities did not make a conclusion at the second sanctions review is interpreted as an intention to reflect the result after observing the results of Shinhan Bank’s sub-committee.
An official in the financial industry told Media SR, “If efforts to relieve the victims are reflected in the sanctions review, it seems that there is a higher possibility of mitigating the economic disciplinary action by Chairman Jin rather than Chairman Son.” As it is scheduled, we will try to speed up the quarantine procedure.”