Hanvit Managers Punished

The Financial Supervisory Service decided Friday to punish 18 managers of Hanvit Bank for their parts in the bank's illegal loan scandal that broke last year. Hanvit was also fined 20 million won ($15,300), the most that a bank can be fined under the Banking Act.

Among those that the supervisory body blamed for the wrongdoing were former Hanvit President Kim Jin-Man and auditor Lee Chok-yup, both now retired. They will be barred from holding executive positions in banks and insurance firms for three years from the day they left Hanvit. Another 18 workers were warned or received punishments ranging from salary cuts to suspensions.

The bank's former vice-president, Lee Soo-kil, was cleared of any misconduct because no evidence turned up that linked him to the loans.