NongHyup Financial Launches Special Inspection of NH Investment & Securities: "Complete Block on Self-Serving Behavior"
Collaboration with Two Law Firms
Planned Expansion to All Affiliates
NongHyup Financial Group plans to conduct an intensive special inspection of NH Investment & Securities from November 24 to December 5 to curb self-serving behavior and strengthen internal controls.
The inspection will not be limited to the use of undisclosed information by executives and employees in the course of their duties. It will also involve a comprehensive review of control mechanisms designed to prevent self-serving activities in various areas of work, such as asset trading and service contracts. The goal is to establish an effective monitoring system at the group level.
NongHyup Financial Group stated, "From a preventive perspective, we plan to examine whether the internal control system is functioning properly and to develop concrete measures to address any institutional shortcomings." The company added, "To strengthen post-incident controls, we will impose severe sanctions-making it virtually impossible to continue working in the financial industry-if violations such as self-serving behavior are detected."
The two law firms involved are specialized institutions with extensive experience in financial advisory services and compliance expertise. They plan to benchmark exemplary internal control cases both domestically and internationally to develop institutional improvement measures tailored to NongHyup Financial Group's characteristics.
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Chanwoo Lee, Chairman of NongHyup Financial Group, stated, "This special inspection is a practical measure for NongHyup Financial Group to become a financial group that prioritizes integrity and ethical management above all else." He added, "We will continue to expand these inspections to all affiliates to eradicate self-serving behavior and establish a transparent organizational culture."
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