Lime Asset Management Private Equity Fund Large Investment Loss (PG)▶ Click here for a larger view
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The Financial Supervisory Service’s Sanctions Deliberation Committee was held on the 25th to determine the level of sanctions for selling banks by taking responsibility for the’Lime Private Equity’ situation, but no conclusion was made.
The Financial Supervisory Service said in a letter of notice that evening, “The sanction review committee proceeded with the deliberation while listening to the statements and explanations of the company’s officials and the inspection bureau sufficiently,” and “we decided to resume the meeting again on March 18.”
Lime fund sellers Woori Bank and Shinhan Bank are subject to sanctions.
The Financial Supervisory Service notified these banks in advance of severe punishment for’institutional warning’ as well as severe punishment for executives.
Woori Financial Group, Son Tae-seung, who was the head of Woori Bank during the Lime crisis[316140] The chairman was notified of the amount of suspension of work, and Jin Ok-dong, the head of Shinhan Bank, was informed of a censure warning.
The level of sanctions against financial company executives is divided into five stages: recommendation of dismissal, suspension of work, reprimand warning, cautious warning, and caution. Among them, censure warnings and above are classified as severe disciplinary action restricting employment in financial companies for 3 to 5 years.
In Woori Bank’s sanctions review, the issue of whether the Lime Fund is insolvent or not and the bank’s unfair solicitation are issues.
In the case of Shinhan Bank, it is a confrontation point between the Financial Supervisory Service and the bank as to whether it is possible to punish the chief executive officer (CEO) for poor internal control.
Shinhan Financial Group is also subject to sanctions.
The Financial Supervisory Service 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.
For this reason, Cho Yong-byung, chairman of Shinhan Financial Group, was notified in advance of a cautious warning, which is a hard discipline.
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