Park Jung-rim, CEO of KB Securities, Files Lawsuit to Cancel Financial Services Commission's Severe Disciplinary Action

Junglim Park, CEO of KB Securities, has filed an administrative lawsuit seeking to cancel the financial authorities' severe disciplinary action related to the Lime incident.

According to the legal and financial sectors on the 8th, the 4th Division of the Seoul Administrative Court (Chief Judge Kim Jeongjung) ruled on the 5th to temporarily suspend the effect of the three-month suspension of duties against CEO Park until the 21st in the lawsuit filed against the Financial Services Commission requesting the cancellation of the suspension order. This means suspending the effect of the suspension order and examining whether the disciplinary action is unjust in the lawsuit.

The Financial Services Commission imposed a three-month suspension on CEO Park on the 29th of last month, citing violations such as failure to establish internal control standards related to the Lime Fund incident. After the severe disciplinary notice, CEO Park resigned from his positions as Head of the General Division at KB Financial Group and Outside Director of the Korea Exchange.

It is known that CEO Park immediately filed a complaint to cancel the suspension order after the severe disciplinary decision. KB Securities stated, "We understand that the lawsuit is being conducted personally by CEO Park."