Kiwoom Securities Delays Decision on CEO Hwang Hyun-soon's Position Amid 'Yeongpung Paper Incident'... Further Discussion Planned
Kiwoom Securities' board of directors announced on the 16th that it has postponed the decision regarding CEO Hwang Hyun-soon's position.
A Kiwoom Securities official stated, "The board has decided to postpone the decision on CEO Hwang's position and will reconsider it at a future board meeting."
Initially, the financial investment industry expected that the board meeting would include discussions about the appointment of the next CEO.
Earlier, Kiwoom Securities incurred an unpaid balance of 494.3 billion KRW due to the Youngpoong Paper stock manipulation incident last month. After deducting 61 billion KRW recovered through forced sales, the loss amounts to 433.3 billion KRW, exceeding the net profit for the first half of the year.
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On the 9th, Kiwoom Securities issued a press release stating that CEO Hwang had expressed his intention to resign from his position to the board, taking moral responsibility for the large-scale occurrence of unpaid receivables.
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