Financial Supervisory Service Unable to Conclude Hana Bank Disciplinary Hearing... "To Be Continued Later"

[Asia Economy Reporter Park Sun-mi] On the 2nd, the Financial Supervisory Service (FSS) held a disciplinary committee meeting regarding Hana Bank, which caused a large-scale suspension of redemptions in private equity funds, but was unable to reach a conclusion and decided to discuss it again later.

On the 2nd, the FSS stated, "Following the meeting on July 15, we held a disciplinary committee meeting on the 2nd to present and review the comprehensive inspection results and measures for Hana Bank," adding, "We conducted an in-depth review by thoroughly listening to statements and explanations from company officials and the inspection department, carefully examining all facts and evidence, but we were unable to conclude the deliberation." They further explained, "The meeting will be resumed at a later date."

During the meeting, allegations of violations of the Capital Markets Act and incomplete sales practices by the institution and its executives were discussed, but the prolonged dispute between the FSS inspection department and Hana Bank is interpreted as the reason why a disciplinary decision was not reached. The date for the next disciplinary committee meeting has not yet been set.

The private equity funds with suspended redemptions at Hana Bank include the Lime Fund with 87.1 billion KRW, the Italy Healthcare Fund with 110 billion KRW, the Germany Heritage Fund with 51 billion KRW, and the Discovery Fund with 24 billion KRW. In July, the FSS held Hana Bank responsible for incomplete sales of private equity funds and issued a 'institutional warning,' and gave a prior notice of a 'disciplinary warning' to Ji Seong-gyu, then CEO of Hana Financial Group.

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