[2020 National Audit] Financial Supervisory Service Chief, "Will Take Strict Measures After Additional Investigation of DLF"

Yoon Seok-heon, Governor of the Financial Supervisory Service, is attending the National Assembly's Political Affairs Committee hearing on the 13th, answering questions from lawmakers regarding the audit of the Financial Supervisory Service. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kim Min-young] Yoon Seok-heon, Governor of the Financial Supervisory Service (FSS), stated on the 13th that further review is necessary regarding Woori Bank's overseas interest rate-linked derivative-linked products (DLF).

At the FSS audit held by the National Assembly's Political Affairs Committee on the same day, in response to the allegation raised by Lee Yong-woo, a member of the Democratic Party of Korea, regarding Woori Bank's potential violation of the Capital Markets Act, Governor Yoon said, "I believe the point raised is quite meaningful," adding, "We will investigate whether there are any violations of disclosure regulations and, if any violations are found, we will take strict measures as necessary."

Governor Yoon further stated, "If necessary, we will also take strict measures against other banks or securities firms."

Regarding Lee's assertion that the Optimus fund should be considered a fraud case, Governor Yoon said, "Criminally prosecuting this matter as fraud in Korea takes a considerable amount of time," and added, "We will conduct a comprehensive review and coordinate with the Financial Services Commission to proceed accordingly."

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