[Asia Economy Reporter Song Hwajeong] A severe disciplinary action of a written warning has been confirmed for Sohn Tae-seung, Chairman of Woori Financial Group, in relation to the incomplete sale of Lime Fund.
On the 9th, the Financial Services Commission, at its 20th regular meeting, resolved to impose a three-month partial suspension of business and a written warning equivalent to disciplinary action for retired executives regarding illegal activities found in the Financial Supervisory Service's inspection results on Woori Bank's incomplete sale of Lime Fund (including improper solicitation).
The partial suspension of business is a sanction for the incomplete sale, and the sale of new private funds will be suspended for three months. Sanctions on executives and employees delegated to the Financial Supervisory Service Chairman will be handled by the Financial Supervisory Service.
Additionally, a total fine of 7.66 billion KRW for violations such as failure to provide explanatory documents and breaches of investment advertisement regulations found during the inspection was pre-imposed following the Financial Services Commission's resolution in July.
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