[2020 National Audit] Yoon Seok-heon "Will promptly investigate Samsung Securities' suspected violation of the Capital Markets Act"

Yoon Seok-heon, Governor of the Financial Supervisory Service (Photo by Yonhap News)

[Asia Economy Reporter Kim Hyo-jin] Yoon Seok-heon, Governor of the Financial Supervisory Service, stated on the 13th that he will promptly investigate the allegations of Samsung Securities violating the Capital Markets Act and resolve the matter in the shortest possible time.

On the same day, during the National Assembly's Political Affairs Committee audit, Yoon responded to a question from Park Yong-jin, a member of the Democratic Party of Korea, who urged a swift investigation into Samsung Securities' act of concealing that it was the advisory firm for Cheil Industries and receiving proxy voting rights in favor of the merger from Samsung C&T shareholders.

Governor Yoon said, "I share the position that it must be handled quickly and promptly," adding, "I will roughly draft an investigation plan and report it before the comprehensive audit." The comprehensive audit of the Financial Supervisory Service is scheduled for the 23rd.

On the previous day, Eun Sung-soo, Chairman of the Financial Services Commission, expressed agreement that there is a possibility of a conflict of interest in Samsung Securities' actions and stated that he would coordinate the timing of the investigation with the Financial Supervisory Service.

On the same day, Representative Park urged the Financial Supervisory Service to conduct an investigation based on the prosecution's indictment, which alleges that Samsung Securities mobilized employees during the Samsung C&T-Cheil Industries merger process, provided the merger ratio review report prepared by Samjong KPMG to Deloitte Anjin, and supplied customer information to Samsung C&T.

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