Son Byung-du, Vice Chairman of FSC, "Additional Private Equity Fund Inspections Under Consultation with FSC"
[Asia Economy Reporter Minji Lee] Sohn Byung-doo, Vice Chairman of the Financial Services Commission, mentioned that additional inspections may be conducted regarding the private equity fund insolvency incident.
On the 22nd, attending the accounting reform meeting held at the Listed Companies Association in Mapo-gu, Seoul, Vice Chairman Sohn said, “The Financial Supervisory Service is investigating the Optimus Asset Management redemption suspension incident, so we will make a judgment after reviewing the results,” and added, “Whether to conduct additional investigations will be decided in consultation with the Financial Supervisory Service.” Regarding additional measures related to private equity funds, he explained, “It is still difficult to speak prematurely.”
Following last year’s Lime Asset Management incident, concerns about the inclusion of non-performing assets in private equity funds have been growing in the financial investment industry as Optimus Asset Management’s fund redemption delays have occurred. Last week, Optimus Asset Management suspended redemptions of private equity funds worth approximately 38 billion KRW, and if it suspends redemptions for other funds this week, such as Trust Specialized Investment Type No. 4 and Optimus Creator Nos. 27 and 28, the total suspension amount is expected to exceed 70 billion KRW.
Regarding the Financial Authorities’ announced plan to stabilize equity-linked securities (ELS), he said, “One of the ideas being considered is a total volume regulation allowing securities firms to issue ELS up to 100% of their own capital,” but added, “The plan has not yet been concretized.”
Hot Picks Today
"Could I Also Receive 370 Billion Won?"... No Limit on 'Stock Manipulation Whistleblower Rewards' Starting the 26th
- Samsung Electronics Labor-Management Reach Agreement, General Strike Postponed... "Deficit-Business Unit Allocation Deferred for One Year"
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- "Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
On the expansion of capital gains tax on stock transfers, he explained, “Only the Financial Services Commission’s opinion has been submitted, and there has been no particular progress.” The Ministry of Economy and Finance is currently reviewing a plan to gradually expand the scope of capital gains tax while reducing securities transaction tax, and is expected to announce a financial tax system modernization plan including these details within this month.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
