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Financial regulators on Thursday issued sanctions against a Korean asset management firm and a brokerage house for incurring huge losses after allegedly making reckless investments in stocks last November.
The Financial Supervisory Service held a committee meeting where they fine-tuned the level of penalties they would levy against Wise Asset and Hana Daetoo Securities for their alleged negligence in internal control.
The FSS decided to halt the business operations of Wise Asset for six months and to request the company to dismiss its chief executive.
Hana Daetoo received a warning, while its CEO was issued a caution.
The sanctions will be confirmed or fine-tuned once more at a panel discussion of the Financial Services Commission, the decision-making body of the FSS.
Wise Asset suffered losses totaling 89 billion won ($79.4 million) from their investment activities on Nov. 11 when Deutsche Bank ― which has been under criminal investigation for stock manipulation ― dumped about 2 trillion won in shares on the Korea Exchange.
By Kim Yon-se (kys@heraldcorp.com)
The Financial Supervisory Service held a committee meeting where they fine-tuned the level of penalties they would levy against Wise Asset and Hana Daetoo Securities for their alleged negligence in internal control.
The FSS decided to halt the business operations of Wise Asset for six months and to request the company to dismiss its chief executive.
Hana Daetoo received a warning, while its CEO was issued a caution.
The sanctions will be confirmed or fine-tuned once more at a panel discussion of the Financial Services Commission, the decision-making body of the FSS.
Wise Asset suffered losses totaling 89 billion won ($79.4 million) from their investment activities on Nov. 11 when Deutsche Bank ― which has been under criminal investigation for stock manipulation ― dumped about 2 trillion won in shares on the Korea Exchange.
By Kim Yon-se (kys@heraldcorp.com)
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