Court Temporarily Suspends Heavy Disciplinary Action Against Jung Young-chae, CEO of NH Investment & Securities

The court temporarily suspended the disciplinary action imposed on Jung Young-chae, CEO of NH Investment & Securities, by the financial authorities in connection with the sale of the Optimus fund.

On the 11th, the Administrative Division 14 of the Seoul Administrative Court (Chief Judge Song Gak-yeop) accepted Jung's request for a suspension of execution against the Financial Services Commission.

According to this acceptance decision, the effect of the disciplinary action will be suspended until the 30th day from the date of the first trial verdict of the main lawsuit.

Earlier, in November last year, the Financial Services Commission held Jung responsible for violating the obligation to establish internal control standards under the Financial Company Governance Act related to the Optimus fund incident and issued him a written warning.

The written warning is classified as a severe disciplinary action, restricting reappointment and employment in the financial sector for 3 to 5 years.

Jung filed an administrative lawsuit to cancel the written warning and simultaneously requested a suspension of execution at the Seoul Administrative Court.

Similarly, Park Jung-rim, CEO of KB Securities, who was suspended from duty by the financial authorities in connection with the Lime fund incident, also filed a request for suspension of execution against the Financial Services Commission and received an acceptance decision last month.

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