Kiwoom Securities to Dismiss President Hwang Hyun-soon... Responsible for Youngpoong Paper Uncollected Payment Incident

Hold Board Meeting Within This Month for Final Confirmation

Kiwoom Securities has decided to hold Hwang Hyun-soon (56), the president, accountable for the Yeongpung Paper unpaid balance incident and to dismiss him.

According to the financial investment industry on the 3rd, Kiwoom Securities is known to have made this decision internally regarding President Hwang and other key executives. Kiwoom Securities plans to hold a board meeting within this month to finalize the dismissal of President Hwang and other key executives.

Hwang Hyun-soon, President of Kiwoom Securities. Photo by Yoon Dong-joo doso7@

This personnel change is reported to be a dismissal-related action due to negligence in risk management that failed to block the unpaid transactions of Yeongpung Paper and the occurrence of an unpaid balance of 494.3 billion KRW, among a series of recent incidents.

President Hwang joined Kiwoom Securities in 2000 and served as the head of the China local subsidiary, head of the Kiwoom Securities Investment Operations Headquarters, head of the Retail Headquarters and concurrently head of the Strategic Planning Headquarters, and head of the Group Strategic Management Office before being appointed as CEO in January 2022.

He was reappointed at the regular shareholders' meeting in March this year, but due to the company being involved in two stock manipulation incidents, he will step down after only eight months without completing his remaining term.

Kiwoom Securities caused social controversy by being involved in the 'Ra Deok-yeon incident' using the Contract for Difference (CFD) service in April, followed by the Yeongpung Paper stock manipulation incident.

This content was produced with the assistance of AI translation services.