In relation to the Lime crisis, sanctions trials were held to set the level of sanctions for Woori Bank, Shinhan Bank, and Shinhan Financial Group, but they could not conclude again. /Photo = Yonhap News
The Financial Supervisory Service’s Sanction Review Committee (sanctions review) was held to determine the level of sanctions for Woori Bank, Shinhan Bank, and Shinhan Financial Group, which sold Lime Asset Management private equity funds, but it did not come to a conclusion.
The Financial Supervisory Service said on the 18th, “The Sanctions Deliberation Committee listened sufficiently to the statements and explanations of the FSS’s inspection bureau with a number of company officials and proceeded with the deliberation until late at night. .
The Financial Supervisory Service held the 11th sanctions trial on the afternoon of this afternoon, proposed measures as a result of sector inspections on Woori, Shinhan Bank, and Shinhan Financial Group, deliberated on the level of sanctions, but ended the meeting without a conclusion.
Earlier, Woori Bank sold 357.7 billion won and Shinhan Bank 2769 billion won in Lime Fund.
While sanctions against Woori Bank were dealt with in the sanctions review held on the 25th of last month, discussions on sanctions against Shinhan Bank and Shinhan Financial Group were mainly held on this day.
The main issue for Shinhan Bank’s sanctions review is whether it can punish the CEO for lack of internal control. The Financial Supervisory Service believes that sanctions against management are possible through the governance structure law.
In addition, for Shinhan Financial Group, Shinhan Financial Group determined that Shinhan Financial Group was responsible for managing the complex store operation in the process of selling lime funds at Shinhan Bank and Shinhan Financial Investors complex stores.
In the case of Woori Bank, whether or not the Lime Fund is insolvent in advance and the bank’s unreasonable solicitation are a confrontation point.
On the other hand, prior to the sanctions review, the Financial Supervisory Service (FSS) issued a severe disciplinary action against Woori Financial Group Chairman Son Tae-seung, who was the chairman of Woori Bank at the time of the sale of the Lime Fund, a severe disciplinary action against Shinhan Bank President Jin Ok-dong, and a critical disciplinary action against Shinhan Financial Group Chairman Cho Yong-byung. Warnings respectively.
The level of sanctions for executives at financial companies is divided into five stages: △recommended for dismissal △recommended for job △responsibility warning △cautionary warning △caution. If the sanctions are finalized, re-employment in the financial sector is prohibited for the next 3 to 5 years after the end of the current term of office.
Bobae Lee, guest reporter at Hankyung.com [email protected]
Ⓒ Hankyung.com prohibits unauthorized reproduction and redistribution