Financial Supervisory Service Cancels Registration of Lime Asset Management... Highest Level Sanction Imposed

[Asia Economy Reporter Eunmo Koo] The Financial Supervisory Service (FSS) has decided to cancel the registration of Lime Asset Management.

On the 20th, the FSS held a disciplinary committee meeting and announced the decision to "cancel the registration" of Lime Asset Management. Registration cancellation is the highest level among the five-step sanctions imposed on financial companies (registration/authorization cancellation - business suspension - corrective order - institutional warning - institutional caution).

Considering the illegal activities revealed so far regarding Lime Asset Management, the FSS judged that "registration cancellation" was inevitable. For key personnel of Lime Asset Management, including CEO Won Jong-jun, who is currently in custody, and former Vice President Lee Jong-pil, a "dismissal request" was made.

The disciplinary measures decided on this day will be finalized as early as next month after going through regular meetings of the Securities and Futures Commission and the Financial Services Commission.