Kookmin Bank, which acquired Bucopin Bank, the 20th largest commercial bank in Indonesia, was sued for damages worth 1.6 trillion won by its former largest shareholder.
On the 25th, Kookmin Bank said, “Bosowa Group, the current 2nd largest shareholder of Bucoffin Bank, filed a lawsuit for compensation for damages to the local Financial Supervisory Service (OJK) and Kookmin Bank, claiming that it was illegal for Kookmin Bank to take over the management rights of Bucopin Bank.” Disclosed. The claim amount is 1.629.5 billion won.
OJK ordered to sell all of its shares last year, saying that Bosowa Group, the existing largest shareholder of Bukopin Bank, was unable to manage it properly. Since 2018, Kookmin Bank has invested a total of 400 billion won to secure the management rights of Bucoffin Bank.
Kookmin Bank believes that it is unlikely that the lawsuit will affect the financial position of Kookmin Bank. An official from Kookmin Bank explained, “The problem will not be large as we have taken legal procedures according to the approval of the local financial authorities.”
Reporter Kim Dae-hoon [email protected]
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