Special Inspection of Six Mismanaged Life Insurance Firms

A special inspection of six mismanaged life insurance companies-Kookmin, Donga, Doowon, Chosun, Taepyongyang, Handuk- will be conducted
soon.
A source from the Financial Supervisory Commission(FSC) said Wednesday that 'As soon as
public money pours into the six firms after their selling to foreign bidders, the investigation process will start.'
The six life insurance companies are now in negotiations with foreigners and memorandums of understanding(MOU) with foreigners wll be made in the near future.
The FSC is considering both criminal and civil procedures against management and major shareholders of the six firms if proven responsible for the mismanagement.
The strong position taken by the FSC is a result of the public outcry over soft penalties applied in similar cases last year.

Shang-bok Shim : simsb@joongang.co.kr