The Securities and Futures Commission imposes fines on 4 entities including WFM for disclosure violations

[Asia Economy Reporter Lim Chun-han] The private equity fund 'KORLINK Private Equity (KORLINK PE),' which managed the investment funds of former Minister of Justice Cho Kuk's family, has been fined for disclosure violations by the English education company Double U F M (WFM) that it acquired.

The Securities and Futures Commission under the Financial Services Commission announced on the 17th at a regular meeting that it imposed a fine of 60 million won on WFM for violating the obligation to submit regular reports.

It was revealed that WFM did not disclose the details of stock collateral provision in the "Matters concerning shareholders" section of the semi-annual report submitted in August last year.

Although KORLINK PE, the largest shareholder, borrowed 2 billion won from SangSangIn Savings Bank in June last year by pledging 1.1 million shares it owned as collateral, this information was omitted from the report.

The Securities and Futures Commission imposed sanctions for disclosure regulation violations on four companies including WFM, East Asia Holdings Investment Limited (fine of 28 million won), SoluM (153.4 million won), and Newracle Science (fine of 9.4 million won).

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