Eun Sung-soo, Financial Services Commission Chairman, "Lime Asset Management Due Diligence Results to be Released Late January to Early February"

Eun Sung-soo, Chairman of the Financial Services Commission, is delivering opening remarks at the Savings Bank Industry CEO Meeting held on the 16th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kang Nahum] Eun Sung-soo, Chairman of the Financial Services Commission, said on the 16th regarding the suspension of fund redemptions by Lime Asset Management, "We expect the audit results by Samil Accounting Corporation to be released around the end of January or early February."

Chairman Eun made this remark during a press meeting after a CEO roundtable of savings banks held at the Government Seoul Office in the afternoon.

Samil Accounting Corporation has been conducting an audit since November last year on three master funds and 157 sub-funds managed by Lime Asset Management. Chairman Eun emphasized, "There have been questions about the (fund) redemption plans and countermeasures, but the audit must be completed for completeness," adding, "The delay is due to ensuring completeness, not because the authorities neglected or concealed anything."

When asked whether he agreed with Kang Ki-jung, Senior Secretary for Political Affairs at the Blue House, who said the day before that "we should also consider lowering the loan criteria, which currently have two stages of limits at 900 million KRW and 1.5 billion KRW," Chairman Eun responded, "When we announced measures on December 16 last year, we already said that if the real estate market does not stabilize, stronger additional measures would be taken."

He continued, "So far, we are monitoring the situation and it is too early to evaluate, but the measures announced on December 16 are being well absorbed," explaining, "I hope no further policies are needed, but the premise of not implementing more is that (house prices) stabilize."

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