Prosecutors Indict KB Securities Involved in 'Lime Scandal' for Negligence in Supervisory Duties
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[Asia Economy Reporter Yoo Byung-don] KB Securities Corporation has been brought to trial on charges of negligence in duty of care and supervision in the Lime Asset Management scandal, which caused damages amounting to approximately 1.6 trillion won.
On the 8th, the Seoul Southern District Prosecutors' Office announced that KB Securities was indicted for violating the Act on Capital Market and Financial Investment Business (Capital Market Act).
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The prosecution explained that the corporate entity was held liable under the joint penalty provision for neglecting its duty of care and supervision over the misconduct committed by KB Securities executives and employees who had already been brought to trial. Previously, on the 25th of last month, the prosecution indicted five KB Securities executives and employees and the vice president of Lime Asset Management on charges including violations of the Capital Market Act.
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