Hana and NongHyup Bank Also Suspend Sales of Funds Including Osstem Implant
Ostem Implant 188 Billion Won Embezzlement Scandal Fallout
[Asia Economy Reporter Park Sun-mi] As banks strengthen monitoring of Ostem Implant following an embezzlement case involving 188 billion KRW, some banks have suspended the sale of funds containing the stock.
On the 6th, according to the banking sector, NH Nonghyup Bank announced through a customer notice that it will stop new subscriptions to 29 funds containing Ostem Implant. Existing fund subscribers can make additional payments or transfers, but new subscriptions to the funds are not allowed.
Earlier, Hana Bank also announced the suspension of sales for 77 funds including Ostem Implant. Hana Bank additionally notified that if funds containing Ostem Implant are registered as planned purchase products in retirement pensions, the base price at the time of resuming suspended transactions may decline.
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KB Kookmin Bank and Shinhan Bank have not yet decided to suspend funds containing Ostem Implant but are monitoring the situation and considering responses. A bank official explained, "The proportion of Ostem Implant in the funds is small, so losses due to a decline in the base price may not be significant," adding, "Banks are providing guidance to customers from the perspective of consumer protection."
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