Lee Bok-hyun, Financial Supervisory Service Chief: "The Lime Administrative Lawsuit of Woori Bank Should Be Decided by the Next Chairman"

"Fairness Requires the Next Chairman Without Conflicts of Interest to Decide"

"Chairman Son's Personal Lawsuit Is His Own Choice"

Lee Bok-hyun, Governor of the Financial Supervisory Service, is delivering opening remarks at a meeting with bank presidents held at the Bankers' Hall in Jung-gu, Seoul on the 18th. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Sim Nayoung] Lee Bok-hyun, Governor of the Financial Supervisory Service, stated that it would be fair for the next chairman, elected after Sohn Tae-seung, Chairman of Woori Financial Group, stepped down, to decide on Woori Bank's administrative lawsuit regarding the disciplinary action for the Lime Fund sales.

After a meeting with bank presidents held at the Korea Federation of Banks on the same day, Governor Lee told reporters, "Since Chairman Sohn decided not to seek reappointment, another chairman will eventually come. It seems that while he is chairman, the decision on Woori Bank's administrative lawsuit is related to his personal interests," adding, "Even if the same decision is made, it would appear more fair from a common-sense perspective if the next chairman or Woori Bank’s president makes the decision."

Last year, the Financial Services Commission imposed a three-month suspension on Woori Bank for new sales of private equity funds related to the Lime incident, along with a fine of 7.66 billion KRW. Chairman Sohn was also disciplined with a warning equivalent to a reprimand that restricts executive employment for 3 to 5 years. In response, Chairman Sohn and Woori Bank plan to file an administrative lawsuit against the Financial Services Commission.

A senior official from Woori Bank explained on the same day, "Since KB Securities, which sold the Lime Fund, was acquitted, it is almost as if the grounds for Woori Bank’s heavy disciplinary action no longer exist," and added, "In this situation, the Financial Services Commission’s decision to impose fines and demand disciplinary action against the chairman and dozens of employees is unacceptable, so the possibility of a lawsuit has significantly increased."

Meanwhile, regarding Chairman Sohn’s resignation, Governor Lee said, "It is difficult to comment on the personal expression of intention by a specific company CEO," but about Sohn’s decision to pursue a personal lawsuit, he stated, "Deciding on any legal issues is entirely a matter for the individual to choose."

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