Financial Authorities Sanction Shinhan Investment Corp., KB Securities, and Daishin Securities over Lime Scandal
[Asia Economy Reporter Yoo Byung-don] Financial authorities have sanctioned Shinhan Financial Investment, KB Securities, and Daishin Securities in connection with the Lime Asset Management scandal, which caused damages amounting to approximately 1.6 trillion won.
On the 12th, the Financial Services Commission announced that at a regular meeting, it resolved measures including partial suspension of operations and imposition of fines related to violations of the Capital Markets Act by these three companies.
According to the measures, Shinhan Financial Investment and KB Securities received partial business suspensions, while Daishin Securities was ordered to close some of its branches.
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Meanwhile, the Lime scandal refers to the incident in July 2019 when Lime Asset Management was suspected of manipulating returns through illicit trading of convertible bonds (CB) of KOSDAQ companies. This led to a sharp drop in the stock prices held in funds managed by Lime Asset Management, resulting in a suspension of redemptions.
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