[Infostock Daily=Reporter Park Hyo-sun] The Financial Supervisory Service's sanctions review committee has decided to continue its review next week after failing to decide on disciplinary measures against securities firms selling Lime Asset Management funds such as Shinhan Financial Investment, Daishin Securities and KB Securities.
The Financial Supervisory Service began imposing sanctions on Shinhan Financial Investment and Daishin Securities from 2 p.m. on the 29th.
First of all, Kim Byung-chul and Kim Hyung-jin, former CEO of Shinhan Financial Investment, attended the sanctions hearing to explain the allegations of covering up the insolvency of the Lime Fund.
From 5 p.m., Oh Ik-geun, CEO of Daishin Securities Co., attended the meeting to continue his call on Lime Fund sales. Na Jae-chul, chairman of the Korea Financial Investment Association, who was the CEO of Daishin Securities at the time of large-scale lime sales, was absent because he was not incumbent.
Due to the longer calling of the two securities firms, deliberation on the agenda for KB Securities'inspection was not made due to time. In response, KB Securities President Park Jung-lim attended the sanctions hearing, but returned home after the meeting ended.
"We conducted the deliberation until late at night, fully listening to statements and explanations from a number of company officials, including legal representatives, and the inspection office, but ended the meeting for now due to time," the Financial Supervisory Service said.
The Financial Supervisory Service will resume deliberations on Lime Fund sales securities firms in its sanctions review on the 5th of next month.
If the sanctions court fails to decide on disciplinary action, it is expected to conclude at the sanctions hearing on the 12th of next month. Earlier, the sanctions against Woori and Hana Bank, which are derivatives combined fund (DLF) sales banks, were concluded after three meetings.
Meanwhile, the sanctions on CEOs of financial companies must go through all meetings of the Financial Services Commission's Securities and Futures Commission and the Financial Services Commission following the FSS sanctions. As a result, the final conclusion is expected to come out as early as the end of the year.
Reporter Park Hyo-sun hs1351@infostock.co.kr
