Woori Bank and the Industrial Bank of Korea (IBK) have been ordered to make restitution for up to 78 percent of some investments made in Lime Asset Management funds.
The Seoul Southern District Court sentenced Lee Jong-pil, former vice president of Lime Asset Management, to 15 years in prison on Friday.
KB Securities has been ordered to make restitution for up to 80 percent of some investments made in Lime Asset Management funds.
The FSS announced Thursday that it has spotted illegal or dubious business practices at several private equity firms during the course of planned inspections at those firms, including setting up fraudulent funds and bribery.
In this Debriefing, the Korea JoongAng Daily explains what happened with the funds from Lime and Optimus, the political scandals and reforms underway.
Hana Bank will resume the sale of private equity fund products following the adoption of new internal standards to assess such products, the bank announced Thursday.
Two state prosecutors and one former prosecutor were grilled by the prosecution office earlier this week over allegations that they received red carpet treatment from a prime suspect behind a snowballing financial fraud scandal involving Lime...
Electric scooter-sharing companies will be held responsible for injuries or damages caused by their scooters, according to new rules laid out by the Fair Trade Commission (FTC).
A key suspect in a snowballing financial scandal was recorded days before his arrest claiming that he gave hundreds of millions of won in bribes to ruling Democratic Party (DP) politicians, a local media outlet reported this week.
Some 83 percent of Optimus Asset Management fund assets are unrecoverable, the Financial Supervisory Service (FSS) announced Wednesday, after it finished an investigation into investments made by the bust private equity fund