According to the financial authorities on the 8th, the Financial Supervisory Service recently identified Mirae Asset Daewoo’s alleged violation of the Foreign Exchange Transaction Act and notified the prosecution. It is reported that Mirae Asset Daewoo invested about 10 billion won in foreign countries last year without reporting it to the foreign exchange authorities. The Foreign Exchange Transaction Act stipulates that if an investment in excess of 1 billion won is not reported to the foreign exchange authorities, imprisonment for not more than one year or fine of 100 million won or less.
The financial authorities see this as the reason for the suspension of the review of Naver Financial’s My Data business. According to the provisions of the Credit Information Act, if the financial authorities’ sanctions proceedings, prosecution investigations, or criminal proceedings against major shareholders are in progress, the review is deferred until the final result is reached. The financial authorities have postponed the preliminary examination of My Data for six companies, including Kyungnam Bank, Samsung Card, Hana Financial Investment, Hana Card, and Finck, for this issue of eligibility for major shareholders.
Naver Financial, which was split from Naver in December 2019, currently owns 70% of Naver and 30% of Mirae Asset. Mirae Asset became the largest shareholder of Naver Financial through an investment of about 800 billion won in December 2019.
Naver Financial received preliminary approval for My Data along with KB Kookmin Bank and Shinhan Card at the end of last year. This is the day to apply for the original My Data license. An official from the Financial Supervisory Service said, “If Naver Financial applies for the original license, the examination may be suspended.”
However, the Financial Supervisory Service is in a position that if Naver Financial dissolves the relationship with Mirae Asset’s major shareholder, the review could resume. It is to resolve the issue of eligibility for major shareholders and apply for the main license.
Among these, the Financial Services Commission recently announced its intention to improve the review suspension system. He listened to the voice of excessive regulation as court litigation or prolonged investigations by appraisal agencies would delay new licenses without promise. Vice Chairman Do Gyu-sang said on the 6th, “As there is criticism for the ambiguity of the judgment criteria, we will come up with an improvement plan that can improve predictability and rationality.”
As Naver Financial already received preliminary approval for My Data, some point out that there was a problem with the financial authorities’ decision to preliminary approval at the time.
An official from Mirae Asset said, “I sought legal advice from an external law firm and made a follow-up report accordingly, and did my best to comply with the relevant regulations, but I am sorry that the supervisory authorities have been pointed out.” An official from Mirae Asset said, “I will actively address my position by working faithfully in the investigation process in the future.”
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