Yoon Seok-heon, Financial Supervisory Service Chief: "DLF Disciplinary Hearing Will Take Time... Will Proceed for 30 Days"

Department Head Personnel Changes and Organizational Restructuring Announced This Week

At the 'Seolnal Traditional Market Love Sharing' event held on the 20th at Mangwon Market in Mapo-gu, Seoul, participants are taking a commemorative photo. From the left in the photo: Yoo Won-sik, Chairman of Korea Food for the Hungry International; Heo In, President of KB Kookmin Bank; Yoon Seok-heon, Governor of the Financial Supervisory Service; Kim Hye-eun, Public Relations Ambassador of Korea Food for the Hungry International; Kim Jin-cheol, President of the Mangwon Merchants Association.

[Asia Economy Reporter Jo Gang-wook] Yoon Seok-heon, Governor of the Financial Supervisory Service (FSS), hinted at the possibility of a prolonged disciplinary committee process related to the derivative-linked fund (DLF) scandal that caused massive principal losses. It is expected that the second disciplinary hearing will be held on the 22nd, followed by a third on the 30th.

On the 20th, after participating in a 'Sharing Activity' event at Mangwon Market in Mapo-gu, Seoul, Governor Yoon told reporters that when asked if the DLF disciplinary committee results could be announced within this month, "It may take more time."

He added, "We will see, but if it takes longer, we intend to hold the disciplinary hearing again on the 30th."

The FSS held the first DLF disciplinary hearing on the 16th, attended by Sohn Tae-seung, Chairman of Woori Financial Group, and Ham Young-joo, Vice Chairman of Hana Financial Group. Since no conclusion was reached at the first hearing, a second hearing was scheduled for the 22nd.

Regarding criticism that there may be insufficient legal grounds to impose severe disciplinary actions on the bank CEOs, Governor Yoon said, "We are preparing diligently in our own way," and added, "I will say more after observing further."

Additionally, he mentioned about department head personnel changes and organizational restructuring, "It is not certain yet, but we are working hard to implement them this week."