The Korea Times

Shockwaves hit presidential office after Yoon’s ouster

Officials at the presidential office took down the presidential flag, a symbol of the country's highest office, and remained silent after the Constitutional Court unanimously upheld the impeachment of President Yoon Suk Yeol on Friday. The flag is flown throughout a president's term — even when they are not in the country. It was taken down about 20 minutes after the court delivered its ruling at 11:22 a.m. Since Yoon officially began his presidential term on May 10, 2022, it was the first time the flag had been lowered, effectively signaling the end of his administration. Following the impeachment ruling, Yoon said through his representatives that he was sorry for failing to live up to the public's expectations. For their part, senior presidential aides — including Chief of Staff Chung Jin-suk, Director of National Policy Sung Tae-yoon and National Security Adviser Shin Won-sik — collectively offered to resign, while other aides remained silent and declined to respond to media inquiries. Presidential aides watched the court’s ruling live on television. Yoon also reportedly watched

Apr 4, 2025By Jun Ji-hye

Shockwaves hit presidential office after Yoon’s ouster

Banking & Finance

Hana Securities granted regulatory exemption for foreign investors’ direct stock trading

Hana Securities has been granted a regulatory exemption allowing nonresident foreign investors to directly invest in Korean stocks through overseas securities firms, the company said Thursday. This exemption enables foreign investors to open accounts with domestic securities firms at overseas brokerage branches. Starting with this initiative, financial authorities in Korea plan to gradually improve regulations to enhance foreign investors’ access to the domestic stock market. Hana Securities expects to roll out the new service after approximately two months of development. Upon launch, foreign investors will be able to trade Korean stocks through accounts opened at Hong Kong-based Emperor Securities. Additionally, the firm plans to expand the service to additional countries in the near future, as it is actively engaging with brokerage houses in Singapore, Taiwan and Japan that are interested in facilitating Korean stock investments. The latest regulatory reform was initiated due to the lack of utilization of the foreign investor omnibus account system, which was introduced in 2017. In res

Apr 3, 2025By Jun Ji-hye

Hana Securities granted regulatory exemption for foreign investors’ direct stock trading

Banking & Finance

Banks to close branches near Constitutional Court on day of Yoon’s impeachment ruling

Major commercial banks in Korea will temporarily close their branches near the Constitutional Court on Friday, when the court is set to deliver its impeachment ruling against President Yoon Suk Yeol, industry officials said Thursday. The banks made this decision due to concerns over potential safety incidents, as large crowds of supporters and opponents of impeachment are expected to gather near the court. Shinhan Bank will temporarily close its two branches near the court on that day, and employees at the branches will be reassigned to alternative workplaces. The bank sent notifications to its customers regarding the closures. Hana Bank will suspend operations at two branches near the court and designate its branch in Jongno and the 19th floor of its Euljiro headquarters as alternative service locations. Woori Bank has also decided to close its Anguk Station branch near the court and will guide customers to alternative branches in the Jongno area. KB Kookmin Bank has no branches located within 600 meters of the court. Still, the bank conducted inspections of fire extinguishers, emergency

Apr 3, 2025By Jun Ji-hye

Banks to close branches near Constitutional Court on day of Yoon’s impeachment ruling

Economy

Korea to allow foreign investors to trade domestic stocks through overseas brokerages

Foreign investors will soon be able to directly invest in Korean stocks through overseas brokerage firms, as financial authorities here plan to ease requirements for opening omnibus accounts, officials said Wednesday. The omnibus account system, introduced in 2017, allows multiple foreign investors to trade through a single account. However, it has proved largely ineffective due to its intricate and rigid account opening requirements. Previously, foreign investors could only open an omnibus account through either an affiliate of a domestic financial investment firm or a foreign brokerage where a domestic firm was the majority shareholder. Under the latest regulatory overhaul, the government plans to extend this permission to overseas securities companies, enhancing foreign capital’s access to the Korean stock market, improving the market accessibility. To that end, the Financial Services Commission (FSC), the country’s top financial regulator, approved a new service proposed by Hana Securities as an innovative financial service earlier in the day, granting it special regulatory exemp

Apr 2, 2025By Jun Ji-hye

Korea to allow foreign investors to trade domestic stocks through overseas brokerages

Economy

Financial watchdog chief’s outspoken remarks draw mixed reactions

Lee Bok-hyun, the governor of the Financial Supervisory Service (FSS), has only about two months left in his term, yet he continues to actively engage in external activities and appear on broadcasts, often making controversial remarks on various issues. Lee, a former prosecutor and a close aide of President Yoon Suk Yeol, became the financial watchdog chief under the Yoon administration in June 2022. Despite Yoon’s impeachment crisis, Lee has increasingly asserted his voice, strengthening his grip on the organization. On Wednesday, Lee once again made media headlines after he said he had offered to resign to Financial Services Commission (FSC) Chairman Kim Byoung-hwan in response to acting President Han Duck-soo’s veto of the Commercial Act revision the previous day. The revision, passed unilaterally by the opposition majority on March 13, is aimed at expanding corporate directors’ fiduciary duties beyond the company to include shareholders. “I contacted the FSC chairman to express my intent (to resign),” Lee said during his appearance on a CBS radio program. Earlier, Lee had pu

Apr 2, 2025By Jun Ji-hye

Financial watchdog chief’s outspoken remarks draw mixed reactions

Politics

‘Commercial Act amendment hurts shareholders, poses economic risks’

The government said Tuesday that a revision to the Commercial Act, passed unilaterally by the opposition majority last month, undermines shareholder protection and could negatively impact the economy. Acting President Han Duck-soo vetoed the bill earlier in the day. “A reconsideration request was made as we determined that a more in-depth discussion is necessary to pursue an alternative that minimizes side effects," acting Justice Minister Kim Seok-woo said at a joint briefing by the Ministry of Justice, the Ministry of Economy and Finance and the Financial Services Commission. The main opposition Democratic Party of Korea (DPK) criticized the government for making "a decision that disrupted the market," while the ruling People Power Party (PPP) called it “an inevitable outcome.” The Commercial Act amendment, passed March 13, expands corporate directors’ fiduciary duties beyond the company to include shareholders. The DPK took the lead in passing the amendment while PPP lawmakers, who opposed the bill, voted against it or abstained. The DPK said the amendment was necessary to enha

Apr 1, 2025By Jun Ji-hye

‘Commercial Act amendment hurts shareholders, poses economic risks’

Banking & Finance

Hahn & Co. completes acquisition of SK Specialty for $1.8 billion

Korean private equity firm Hahn & Company (Hahn & Co.) said Tuesday it has finalized the acquisition of an 85 percent stake in SK Specialty from SK Corp. for approximately 2.6 trillion won ($1.8 billion), three months after signing a stock purchase agreement in December. SK Specialty is a world leader in producing specialty gases crucial for semiconductor and display panel production. It holds the largest global market share in nitrogen trifluoride and tungsten hexafluoride, essential materials for advanced semiconductors. Through this acquisition, the private equity firm has bolstered its advanced manufacturing portfolio by adding a global leader in semiconductor materials. The firm secured an 85 percent stake in SK Specialty, while SK Corp. chose to keep the remaining 15 percent, recognizing the company’s growth potential. “We are proud to acquire SK Specialty, a global leader in specialty gases and a vital contributor to industries like semiconductors,” a Hahn & Co. official said. “We are committed to making significant investments to enhance SK Specialty’s technological edg

Apr 1, 2025By Jun Ji-hye

Hahn & Co. completes acquisition of SK Specialty for $1.8 billion

Banking & Finance

Homeplus’ entry into rehabilitation escalates into legal disputes

The fallout from Homeplus’ entry into corporate rehabilitation is escalating into legal disputes, with Shinyoung Securities and other brokerage firms set to file criminal complaints against the retailer and its management, industry officials said Monday. Shinyoung Securities, which issued Homeplus’ asset-backed short-term bonds (ABSTBs) through a special purpose company, along with Eugene Investment & Securities, Hana Securities and Hyundai Motor Securities, which sold these bonds, are considering filing fraud charges against the country’s No. 2 supermarket chain and its management as early as this week. They have since appointed attorneys from law firm Yulchon, among others. However, the brokerages decided not to include MBK Partners, the private equity firm and largest shareholder of Homeplus, as a target of the complaint at this stage. On March 4, the retailer suddenly filed for corporate rehabilitation with the Seoul Bankruptcy Court, stating, “The decision was inevitable to proactively ease potential short-term financial burdens arising from a credit rating downgrade.” Its

Mar 31, 2025By Jun Ji-hye

Homeplus’ entry into rehabilitation escalates into legal disputes

Banking & Finance

Is Balaan’s payment suspension leading to second TMON-WeMakePrice crisis?

Luxury online platform Balaan initiated corporate rehabilitation proceedings a week after facing controversy over delays in settling sales proceeds, the company CEO said Monday. According to industry officials, Balaan has failed to settle payments to some vendors, citing a system error, since last week, leaving them unable to receive at least 13 billion won ($8.8 million) in sales proceeds. This has heightened concerns that the situation could mirror the cases of two e-commerce platforms, TMON and WeMakePrice, which also entered corporate rehabilitation last year after experiencing payment delays. Balaan CEO Choi Hyung-rok said in a statement that while the company had secured part of the planned investment for the first quarter of this year, additional funding was delayed unexpectedly, leading to a short-term liquidity crunch. “To ensure the stable repayment of merchandisers’ trade receivables and enhance the sustainability of the Balaan platform, we filed for rehabilitation with the Seoul Bankruptcy Court,” he said. After failing to settle payments to vendors on March 24, Balaan a

Mar 31, 2025By Jun Ji-hye

Is Balaan’s payment suspension leading to second TMON-WeMakePrice crisis?

Banking & Finance

Korea Zinc chairman defends management rights after fierce battle with MBK

Korea Zinc Chairman Choi Yun-beom, who has been engaged in a monthslong managerial dispute with the alliance of private equity firm MBK Partners and Young Poong, successfully defended his control at a regular shareholders’ meeting Friday. Based on simple shareholding percentages, the MBK alliance, which holds about 41 percent of the shares, outnumbers Choi’s side, which holds about 34 percent. However, Choi was able to retain his management rights by utilizing the cross-shareholding voting rights restriction under the Commercial Act. This allowed his side to neutralize voting rights on Young Poong’s 25.4 percent stake in Korea Zinc, preventing the MBK alliance from taking control of the board. The MBK alliance strongly criticized Choi, saying he has repeatedly resorted to illegal practices to create the cross-shareholding structure. As the alliance signaled its willingness to pursue legal action to nullify the decisions made during the meeting, the ownership battle over the world’s largest zinc smelting firm could enter a new phase depending on the court’s decision. When decla

Mar 28, 2025By Jun Ji-hye

Jun Ji-hye

Read more

Shockwaves hit presidential office after Yoon’s ouster

Hana Securities granted regulatory exemption for foreign investors’ direct stock trading

Banks to close branches near Constitutional Court on day of Yoon’s impeachment ruling

Korea to allow foreign investors to trade domestic stocks through overseas brokerages

Financial watchdog chief’s outspoken remarks draw mixed reactions

‘Commercial Act amendment hurts shareholders, poses economic risks’

Hahn & Co. completes acquisition of SK Specialty for $1.8 billion

Homeplus’ entry into rehabilitation escalates into legal disputes

Is Balaan’s payment suspension leading to second TMON-WeMakePrice crisis?

Korea Zinc chairman defends management rights after fierce battle with MBK

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