Hana and Woori Bank Appeal DLF Penalty

[Image source=Yonhap News]

[Asia Economy Reporter Kim Min-young] Hana Bank and Woori Bank have submitted objection applications regarding the fines imposed by the Financial Services Commission related to overseas interest rate-linked derivative-linked funds (DLF).

According to the financial sector on the 23rd, the two banks each submitted objection applications for the DLF fines imposed the previous day. They intend to seek a court ruling on the fines.

Earlier, on March 25, the Financial Services Commission notified Hana Bank and Woori Bank, which caused large principal losses to customers through DLFs, of fines amounting to 16.78 billion KRW and 19.71 billion KRW, respectively.

The period for submitting objections was until the 25th.

Hana Bank stated, "The intention is to seek a court ruling on the authorities' decision."

Woori Bank, in its business report disclosed on March 30, informed about the notification of the DLF-related fines and stated, "We plan to file an objection with the relevant administrative agency."

Once the objection is filed, the enforcement of the fine is temporarily suspended. Subsequently, a trial is expected to proceed at the Seoul Administrative Court according to the Non-Contentious Case Procedure Act.