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Fund withdrawals by Tongyang Securities Inc. customers have declined sharply since the immediate aftermath of its parent firm Tong Yang Group’s default in September, amid a move underway to sell the brokerage arm, data showed Thursday.
The outstanding amount of deposits at Tongyang Securities stood at 2.3 trillion won ($2.17 billion) at the end of November, equivalent to only 60 percent of the total it held in late September, according to data from the Korea Investors Service Inc.
Tongyang Securities is an affiliate of Tong Yang Group, South Korea’s 38th-largest family-owned conglomerate, currently undergoing debt restructuring after it failed to repay maturing debts.
The conglomerate, which originally started off as a cement manufacturer, filed for court receivership for five of its units in September, prompting a bank run by investors.
In October alone, Tongyang Securities customers pulled out a total of 1.46 trillion worth of funds, but the pace of withdrawals sharply slowed to 42.2 billion won in November, the data showed. (Yonhap news)
The outstanding amount of deposits at Tongyang Securities stood at 2.3 trillion won ($2.17 billion) at the end of November, equivalent to only 60 percent of the total it held in late September, according to data from the Korea Investors Service Inc.
Tongyang Securities is an affiliate of Tong Yang Group, South Korea’s 38th-largest family-owned conglomerate, currently undergoing debt restructuring after it failed to repay maturing debts.
The conglomerate, which originally started off as a cement manufacturer, filed for court receivership for five of its units in September, prompting a bank run by investors.
In October alone, Tongyang Securities customers pulled out a total of 1.46 trillion worth of funds, but the pace of withdrawals sharply slowed to 42.2 billion won in November, the data showed. (Yonhap news)
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Articles by Korea Herald
