Financial Services Commission Orders Management Improvement at Golden Bridge Asset Management... "Insufficient Capital"

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[Asia Economy Reporter Park Jihwan] Financial authorities have issued a management improvement order to Golden Bridge Asset Management due to insufficient capital.

The Financial Services Commission held a regular meeting on the 22nd and decided on a "management improvement order (capital increase)" measure for Golden Bridge Asset Management.

The Financial Services Commission stated that as of the end of April this year, Golden Bridge Asset Management's capital was 4.15 billion KRW, falling short of the required maintained capital of 8.23 billion KRW, prompting this action.

Golden Bridge Asset Management must submit a management improvement plan by September 22. If the Financial Services Commission disapproves the plan or if Golden Bridge Asset Management fails to faithfully implement the approved plan, more stringent measures may be imposed.

The Financial Services Commission explained, "This is intended to prevent the deterioration of Golden Bridge Asset Management and to promote sound management," adding, "During the implementation period of the management improvement order, operations authorized and registered by the Financial Services Commission will continue normally."

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