Son Tae-seung Wins Lawsuit Against FSC, Ko Seung-beom Says "Will Review System Improvements"

On the 27th, Ko Seung-beom, the nominee for the Financial Services Commission Chairman, attended the confirmation hearing held at the National Assembly and responded to questions from lawmakers. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kim Jin-ho] Go Seung-beom, the nominee for Financial Services Commission chairman, said on the 27th regarding the court ruling that canceled the financial authorities' heavy disciplinary action against Sohn Tae-seung, chairman of Woori Financial Group, "I will review the ruling document to see if institutional improvements are necessary."

Go stated this during his attendance at the National Assembly's Political Affairs Committee confirmation hearing, saying, "I heard that the ruling has been made, but I have not yet seen the ruling document."

The Seoul Administrative Court's Administrative Division 11 (Presiding Judge Kang Woo-chan) ruled in favor of the plaintiffs, Sohn and another, in the cancellation lawsuit filed against the Financial Supervisory Service (FSS) on the same day. Previously, in January last year, the FSS had issued a heavy disciplinary action, a written warning, against Sohn for responsibility related to the DLF incident. At the time of the DLF sales, Sohn was the president of Woori Bank.

The court's decision to side with Sohn appears to reflect the judgment that disciplining management due to failures was excessive.

Meanwhile, following the court's ruling, the level of disciplinary actions against other CEOs of financial companies related to private equity funds is also likely to be significantly reduced. Earlier, the Financial Services Commission had indicated that it would determine the sanctions for other CEOs based on the court's ruling.

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