Hana Bank CEO given verbal warning over bad investment

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Hana Bank CEO given verbal warning over bad investment

Kim Jong-jun, CEO of Hana Bank, was belatedly reprimanded by the Financial Supervisory Service for his wrongdoing in 2011 when Kim, then-CEO of Hana Capital, incurred losses at the company because of his participation in increasing capital at Mirae Savings Bank.

The FSS yesterday confirmed that it issued a verbal warning to Kim for investing 14.5 billion won ($13.7 million) in Mirae Savings Bank and causing a loss of about 6 billion won to Hana Capital. The authority found that the CEO committed invested the money on the orders of Kim Seung-yu, former chairman of Hana Financial Group.

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