Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Woori chief files injunction against FSS sanctions
Woori Financial Group Chairman Son Tae-seung, left, and Financial Supervisory Service Governor Yoon Suk-heun / Korea Times file
By Park Jae-hyuk
By Park Jae-hyuk
Woori Financial Group Chairman Son Tae-seung filed an injunction Sunday against sanctions imposed by the Financial Supervisory Service (FSS) over the so-called “DLF fiasco,” which prevents him from serving another term, according to industry sources, Monday.
Sources said the chairman filed as an individual, not through the company.
This came as the FSS notified him of the sanctions imposed on him, Thursday.
The notification was a follow-up measure of the Financial Services Commission's (FSC) meeting a day earlier that finalized sanctions against banks and bank executives responsible for major investor losses caused by the mis-selling of high-risk derivative-linked funds (DLFs).
The sanctions imposed on the bank executives were finalized after approval by FSS Governor Yoon Suk-heun, Feb. 3, but only went into effect after the executives received notification.
Son wants the court to grant a suspension order against the sanctions imposed on him, before Woori's general shareholder meeting scheduled for March 25.
The financial group seeks to reappoint Son as chairman at the shareholder meeting.
If the court grants an injunction before then, Son will be able to continue leading the group.
The court's decision is likely to be announced within a week.
Meanwhile, the FSC fined Woori Bank 19.7 billion won ($16 million) and Hana Bank 16.7 billion won, as well as banning them from selling private equity fund options for the next six months.
The two banks did not take legal action to prevent the fines and partial suspension of their businesses.