Ministry of the Interior and Safety Detects Suspected Illegal Activities at Saemaeul Geumgo... Requests Investigation
Results of Special Audit on Alternative Investments from September to December Last Year
Multiple Suspicious Illegal Activities by Current and Former Executives Detected
Sanctions Requested from Central Association... Investigation Requested from Authorities
The Ministry of the Interior and Safety requested the Saemaeul Geumgo Central Association to impose strict sanctions on those suspected of illegal activities related to alternative investments following an audit, and referred the matter to investigative authorities.
On the 24th, the Ministry announced that it took such measures after uncovering numerous suspected illegal activities by current and former executives and related parties of the Saemaeul Geumgo Central Association during a special audit on alternative investments conducted from September to December last year.
Earlier, in June last year, the Ministry had converted a comprehensive audit of the Saemaeul Geumgo Central Association into a special audit after detecting some improprieties in alternative investments. Alternative investments refer to investment methods in assets other than traditional investment products such as stocks or bonds, including real estate and private equity funds.
The Ministry demanded strict measures from the Central Association against those involved in the suspected illegal activities uncovered in this special audit. It also requested investigative authorities to probe areas not revealed by the audit. Furthermore, as a follow-up to the Saemaeul Geumgo management innovation plan, the Ministry plans to strengthen post-management by reducing the proportion of alternative investments and enhancing the independence of screening processes to prevent recurrence of similar cases.
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Choi Byung-kwan, Director of the Local Finance and Economy Office at the Ministry of the Interior and Safety, stated, "Saemaeul Geumgo must operate based on the trust of the people as a financial institution for the common people, and since it manages members' valuable assets, it must be thoroughly managed. We will conduct a thorough investigation and punishment of the suspected illegal activities revealed in this audit to create a Saemaeul Geumgo trusted by the public."
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