Financial Supervisory Service to Conduct Comprehensive Inspections of Woori Financial Group and Woori Bank This Month
Targeting Private Equity Fund Scandal and Internal Control Failures
[Asia Economy Reporter Jin-ho Kim] The Financial Supervisory Service (FSS) will conduct a comprehensive inspection of Woori Financial Group and Woori Bank within this month. This is the last in order among the five major financial holding companies and banks, and the first comprehensive inspection since the launch of Woori Financial Group.
According to financial authorities and the financial sector on the 1st, the FSS decided to conduct a comprehensive inspection of Woori Financial Group and Woori Bank this month and requested the submission of preliminary required documents. The FSS officially notifies one month prior to the start of the comprehensive inspection, allowing both parties to coordinate all related matters in advance.
The FSS comprehensive inspection proceeds in the order of requesting preliminary required documents, preliminary inspection, and on-site main inspection. Based on cases of other financial holding companies and banks, the FSS comprehensive inspection of Woori Financial Group and Woori Bank is expected to focus on issues such as the suspension of redemption of private equity funds and inadequate internal controls.
Recently, the court ruled in the first trial to cancel the heavy disciplinary action imposed by the financial authorities on Sohn Tae-seung, Chairman of Woori Financial Group, holding him responsible for losses from the overseas interest rate-linked derivative-linked fund (DLF) scandal. However, the FSS has appealed against this decision.
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It is also expected to look into the Lime Asset Management fund scandal. Regarding the Lime fund scandal, Chairman Sohn, who was then the president of Woori Bank, received notice of heavy disciplinary action, and the final level of discipline is currently being discussed at the Financial Services Commission.
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