Financial Supervisory Service Holds Second Disciplinary Hearing Today for Lime-Selling Financial Firms

[Image source=Yonhap News]

[Asia Economy Reporter Koh Hyung-kwang] The Financial Supervisory Service's disciplinary committee for financial companies that sold Lime Funds, which caused damages amounting to 1.6 trillion won, will reconvene on the 5th.

According to the financial investment industry on the 5th, the Financial Supervisory Service will hold the second disciplinary hearing at 2 p.m. at its headquarters in Yeouido, Seoul, targeting three securities firms that sold Lime Funds: Shinhan Financial Investment, Daishin Securities, and KB Securities.

During the first disciplinary hearing held on the 29th of last month, discussions regarding Shinhan Financial Investment were concluded, but the level of sanctions was not decided. On this day, the disciplinary hearing will continue for Daishin Securities and KB Securities.

Previously, the Financial Supervisory Service had pre-notified these three securities firms of severe disciplinary measures such as institutional warnings and business suspensions. Former and current CEOs of the securities firms who were working during the Lime incident were also notified of severe disciplinary actions including suspension from duty.

As intense disputes are expected during the second disciplinary hearing as well, it is highly likely that no conclusion will be reached until late at night, similar to the first hearing. The Financial Supervisory Service plans to hold a third disciplinary hearing next week if further deliberation is necessary to determine the final level of sanctions.

This content was produced with the assistance of AI translation services.