Financial Authorities Decide Not to Appeal Suspension of Disciplinary Action Against Hana Bank's DLF, Focus on Main Lawsuit

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyo-jin] Financial authorities have decided not to file an immediate appeal against the court's decision to temporarily suspend the disciplinary actions imposed on Hana Bank and Ham Young-joo, Vice Chairman of Hana Financial Group, related to the overseas interest rate-linked derivative-linked fund (DLF) scandal, and will instead focus on the main lawsuit.

According to financial authorities on the 14th, the Financial Services Commission and the Financial Supervisory Service did not submit an immediate appeal to the Seoul High Court by the deadline yesterday. On the 29th of last month, the Administrative Division 5 of the Seoul Administrative Court accepted Hana Bank's request for a suspension of the enforcement of the financial authorities' severe disciplinary actions regarding the DLF. The deadline for immediate appeal was yesterday.

The FSC imposed sanctions on Hana Bank, which caused controversy due to the DLF scandal, including a six-month partial suspension of business (new sales of private funds) and a fine of 16.78 billion KRW. Vice Chairman Ham received a severe disciplinary action (a warning for responsibility) that restricts reappointment and employment in the financial sector, decided by Financial Supervisory Service Director Yoon Seok-heon.

Hana Bank and Vice Chairman Ham filed a lawsuit and requested a suspension of enforcement, opposing the financial authorities' decision.

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