Hi Investment & Securities Executes Real Estate Finance Organizational Restructuring and Disciplinary Personnel Changes
Internal Audit of PF Organization... Organizational Restructuring Implemented
Hi Investment & Securities conducted an internal audit of its internal organization engaged in real estate project financing (PF) business and subsequently carried out disciplinary personnel actions and organizational restructuring involving seven executives, including President Kim Jin-young.
On the 14th, Hi Investment & Securities announced in a press release, "To respond to changes in the uncertain business environment both domestically and internationally, such as the real estate market downturn, we are streamlining the sales organization in the real estate finance sector."
In this personnel reshuffle, two executives responsible for real estate finance, including President Kim, were dismissed, and five other executives at the head of division level were relieved of their positions.
With the organizational restructuring, the business organization of the real estate finance sector has been reorganized into four departments: Project Finance Office, Structured Finance Office, Real Estate Finance Office, and Investment Finance Office, all directly under the CEO. Additionally, an Investment Review Office directly under the CEO has been newly established to enhance the independence and functions of investment review operations.
The existing Risk Review Department and Post-Management Office under the Risk Management Headquarters have been renamed as the Investment Review Department and Post-Management Department, respectively, and placed under the Investment Review Office. To strengthen the management and supervision of investment review operations, a Risk Audit Department has been newly established within the Risk Management Headquarters.
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A representative from Hi Investment & Securities explained, "Since June, we have been inspecting sales risks related to real estate PF, and as a result, this personnel action and organizational restructuring were carried out with the purpose of streamlining sales and strengthening internal controls."
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