The Seoul Excessive Courtroom upheld the choice to rule in favor of Woori Monetary Group Chairman Son Tae-seung in his appeals trial on the improper promoting of high-risk derivative-linked funds (DLFs) by Woori Financial institution.
The Monetary Supervisory Service (FSS) had reprimanded the chairman, who was the CEO of Woori Financial institution when the financial institution offered DLFs, in June 2020. The FSS had held the financial institution’s CEO accountable for failing to observe the high-risk funding merchandise from being launched and offered to particular person prospects who lack experience within the devices.
The FSS reprimand prohibits an individual from working at monetary firms for no less than three years.
The FSS reprimanded Son on 5 counts, together with lack of the supervision system and threat administration.
The court docket didn’t approve 4 out of the 5 counts FSS had introduced up within the first trial final yr.
Woori Monetary Group mentioned Friday that it respects the court docket’s judgment and can completely assessment the end result.
BY JIN MIN-JI [[email protected]]