Son Tae-seung and Ham Young-joo 'DLF Sanctions' Severity Expected to Be Decided on the 30th

[Asia Economy Reporter Kim Hyo-jin] The disciplinary measures against Sohn Tae-seung, Chairman of Woori Financial Group and CEO of Woori Bank, and Ham Young-joo, Vice Chairman of Hana Financial Group, related to the 'DLF incident' are expected to be decided on the 30th.

The Financial Supervisory Service (FSS) announced on the 22nd that it will hold one more disciplinary review committee meeting at 2 p.m. on the 30th regarding the overseas interest rate-linked derivative-linked fund (DLF) incident.

The FSS held the first disciplinary review on the 16th and held the second one at 2 p.m. on this day to discuss sanctions against Chairman Sohn and Woori Bank.

During the first disciplinary review, procedures such as Vice Chairman Ham and KEB Hana Bank's defense lasted about nine hours, so Chairman Sohn and Woori Bank did not have enough time to present their explanations. The second disciplinary review lasted about four hours. Chairman Sohn attended the disciplinary review in person again on this day following the first session.

The FSS's disciplinary review is being conducted in a grand hearing format. Similar to a court trial, the subjects of the sanctions and FSS officials state their positions and explanations at the review venue and mutually rebut each other.

Chairman Sohn and Vice Chairman Ham were pre-notified last month by the FSS of the possibility of a severe disciplinary action, a written warning. If the written warning is confirmed, they can complete their remaining term as executives but will be restricted from employment in the financial sector for 3 to 5 years thereafter.

They are known to have refuted the grounds for sanctions presented by the FSS, such as insufficient internal controls and excessive management pressure, and appealed against the unfairness of bearing almost full responsibility as executives.

This content was produced with the assistance of AI translation services.