The Financial Supervisory Service (FSS) plans to relaunch an investigation next month into various banks and securities firms that sold fraudulent funds linked to Discovery Asset Management, according to industry officials, Sunday.
CEOs of Shinhan, Woori face punishment over fund fiasco
Posted : 2021-02-04 15:46
Updated : 2021-03-18 15:36
Woori Financial Group Chairman Son Tae-seung, left, and Shinhan Bank CEO Jin Ok-dong / Courtesy of each firm
By Lee Min-hyung
The leaders of Woori Financial Group and Shinhan Bank are facing a serious problem as they could receive harsh punishments for their role in the mishandling of fund sales last year. This is raising concern that a final decision by the state regulatory agency may end their plans to extend their terms.
The Financial Supervisory Service (FSS) said Thursday that it had sent prior notice of tough sanctions to Woori Financial Group Chairman Son Tae-seung and Shinhan Bank CEO Jin Ok-dong ahead of its sanctions committee meeting slated for Feb. 25.