Korea's financial regulator on Thursday ordered Daishin Securities to compensate an investor up to 80 percent of losses due to the brokerage's misselling of funds run by now-defunct Lime Asset Management.
Shinhan Bank’s board Wednesday accepted a Financial Supervisory Service (FSS) recommendation for compensation of some Lime Asset Management investors.
Shinhan Bank has been ordered to repay up to 75 percent of investments it sold in Lime Asset Management's Credit Insured funds.
Woori Financial Group Chairman and CEO Son Tae-seung has been sanctioned by the Financial Supervisory Service (FSS) and could be barred from another term as an executive or as a board member of the company.
Banks are scrambling to get ready as a law designed to protect interest of financial consumers takes effect Thursday.
The financial regulator is, in principle, banning cross trading of private equity fund. The goal is to prevent trouble at one fund from being transferred to another as it was the case in Lime Asset Management.
Woori Bank said Monday it accepted the decision by a Financial Supervisory Service (FSS) committee that ordered it to pay restitutions for up to 78 percent of some investments made in Lime Asset Management funds.
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.
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...