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Standard Chartered worker allegedly pockets customer's cash worth $315,000

By Park Jae-hyukA former employee of Standard Chartered (SC) Bank Korea is under investigation for allegedly embezzling $315,000 deposaited by a customer, according to the police and the bank, Tuesday.The U.K.-based bank's local subsidiary was reportedly unaware of the incident until the former employee left the company in June.According to Anyang Dongan Police Station in Gyeonggi Province, the former banker surnamed Kim is under investigation for allegedly embezzling the customer's money by forging a private document.Kim reportedly suggested his client, surnamed Lee, buy fake U.S. treasury bonds for $234,000 in December 2017.According to the client, Kim deceived her by transferring the money to Lee's second bank account.When Lee gave $30,000 to Kim to change it to 35 million won, Kim withdrew the 35 million won from Lee's second bank account and pocketed the $30,000, the client claimed.Lee said Kim embezzled an additional $95,000, when she gave the money to Kim to again invest in the treasury bonds.The client said she noticed the disappearance of her $315,000, after Kim had left the

Jul 31, 2019By Park Jae-hyuk
Standard Chartered worker allegedly pockets customer's cash worth $315,000

Kiwoom faces lawsuit from Soulbrain shareholders

By Kim Bo-eunKiwoom Securities' headquarters in Yeouido, Seoul / Korea Times fileA group of shareholders of Soulbrain, a manufacturer of hydrogen fluoride, is set to take legal action against Kiwoom Securities for what they claim was a misleading report on the company.The price of Soulbrain's shares went up after Japan's export restrictions on hydrogen fluoride to Korea went into effect on July 4, as the local manufacturer was expected to be able to cover the loss of imports from Japan. Soulbrain's price per share, which was around 40,000 won at the beginning of this year, almost doubled to over 80,000 won per share at the highest point this month.However, Kiwoom Securities issued a report July 19, which stated market expectations for Soulbrain share prices were inflated.The summary of the report stated, “Because the company deals with liquid hydrogen fluoride, it does not have much to do with gas hydrogen fluoride, for which export has been restricted.”For such reasons, the report downgraded expectations for Soulbrain to “underperform,” which is usually consi

Jul 30, 2019By Kim Bo-eun
Kiwoom faces lawsuit from Soulbrain shareholders

Shinhan Financial issues ESG bonds

Shinhan Financial Group Chairman Cho Young-byoung / Courtesy of Shinhan Financial GroupBy Kim Bo-eunShinhan Financial Group issued $500 million (590.75 billion won) worth of ESG bonds, the group said Tuesday.An ESG bond is a type of debt offering aimed to finance corporate activities in environmental and social responsibility and governance improvement.This is the first time a local financial holding company has issued ESG bonds, Shinhan said. The bonds carry a coupon rate of 3.34 percent.Shinhan said this is part of the group's mid- to long-term plan for eco-friendly management.As part of such efforts, Chairman Cho Yong-byoung attended a United Nations Environment Program Finance Initiative event in November last year, joining a global movement in setting up “Principles for Responsible Banking,” an international treaty drafted among noted financial institutions to strengthen cooperation toward a sustainable finance system.Shinhan Group was listed in the Global 100 Most Sustainable Corporations this year, for the seventh consecutive year. The list is compiled by the Toron

Jul 30, 2019By Kim Bo-eun
Shinhan Financial issues ESG bonds

'Boycott Japan' weighs on card issuers

Air Seoul flight attendants promote Woori Card's “J. Shopping” credit card at the company's head office in Seoul in this file photo. After Japan's curb on exports to Korea went into effect, the card issuer stopped selling the credit card released for Korean tourists traveling to Japan. / Courtesy of Air SeoulBy Park Jae-hyukA Korean consumer boycott of Japanese products, which has already affected the retail and tourism sectors here, is also dealing a severe blow to domestic card issuers, according to industry officials, Tuesday.Amid the intensifying anti-Japan sentiment triggered by Japan's restrictions on exports to Korea, local credit card companies have begun suspending various marketing campaigns related to the neighboring country.Woori Card, for instance, was the first to react. On July 4, the card-issuing unit of Woori Financial Group decided to stop selling its “J. Shopping” credit card which was released June 28 for Korean tourists traveling to Japan.The card was supposed to provide discounts up to 5 percent for customers making purchases at Japan's D

Jul 30, 2019By Park Jae-hyuk
'Boycott Japan' weighs on card issuers

Financial firms betting on real estate trust

Daishin Financial Group Chairwoman Lee Auh-ryung, center, Daishin Asset Trust CEO Kim Chul-jong, right, and Daishin Securities CEO Na Jae-chul, left, pose at the group's headquarters in Seoul, Monday, after celebrating the launch of the real estate trust operator. / Courtesy of Daishin SecuritiesBy Park Jae-hyukA growing number of financial companies are entering the real estate trust market, as the business is considered to allow them to secure a stable source of income and attract wealthy customers, according to finance industry officials, Monday.Real estate trust operators make profits by developing and managing real estates entrusted to the company.Their business model has been regarded as lucrative, given the combined net profit of domestic real estate trusts has continued to rise over the past five years.According to the Financial Supervisory Service, the combined net income of the country's 11 real estate trusts reached 507.7 billion won ($428 million) in 2018, up 0.6 percent from a year earlier.Against this backdrop, banking groups, brokerages and insurers are speeding up the

Jul 29, 2019By Park Jae-hyuk
Financial firms betting on real estate trust
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