Son Tae-seung Wins Lawsuit Challenging Financial Supervisory Service Disciplinary Action (Update)
[Asia Economy Reporter Kim Jin-ho] Sohn Tae-seung, Chairman of Woori Financial Group, won the first trial in the lawsuit he filed against the Financial Supervisory Service (FSS) to cancel the disciplinary action related to the overseas interest rate-linked derivative-linked fund (DLF).
On the 27th, the Seoul Administrative Court Administrative Division 11 (Presiding Judge Kang Woo-chan) ruled in favor of the plaintiffs, Sohn and another person, in the cancellation lawsuit filed against the FSS.
Earlier, in January last year, the FSS imposed a severe disciplinary action, a written warning, on Chairman Sohn, holding him responsible for the DLF incident. At the time of the DLF sales, Sohn was the president of Woori Bank.
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If a financial company executive receives a severe disciplinary action, they are prohibited from employment in financial companies for the next three years. Accordingly, in March last year, Sohn filed a lawsuit to cancel the disciplinary action and also requested a provisional injunction to suspend the effect of the disciplinary action until the judgment was made, which the court accepted.
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