My Firm's OK But I'm in Jail?
The Financial Supervisory Commission said Wednesday that it would consider dropping monetary penalties for companies that fully disclose their account manipulation history, but would not pardon persons charged with accounting fraud.
"To increase transparency, the commission is looking for ways to encourage companies to admit past book rigging and prevent further accounting manipulation," said Lee Keun-young, the governor of the commission. But culpable officials will not be excused, he said, because that would need National Assembly consent and would conflict with civil and criminal laws.
On the matter of Korea First Bank's allegedly illegal issuance of stock options to executives, Mr. Lee said that the commission's response still depends on how Korea First's board deals with the situation.
with the Korea JoongAng Daily
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