Photo = JB Financial Group

 

[Alpha Biz= Reporter Kim Jisun] JB Financial Group has been fined approximately 200 million won by the Financial Supervisory Service (FSS) for failing to properly report certain items in their business reports.

According to the FSS sanction disclosure on the 30th, JB Financial Group was fined 192 million won on the 20th of last month. Additionally, two cases requiring voluntary correction measures were issued to related personnel.

The reason for the sanction, as stated by the FSS, is that JB Financial Group did not accurately report or submit information on intra-group transactions and financial status items in their quarterly business reports spanning from the second quarter of 2019 to the first quarter of last year, covering a total of 16 quarters.

In November 2019, JB Financial Group also slightly modified the contents of their entrusted business by adding loan introduction services to three subsidiary companies' loan recruitment operations. They also failed to report these changes within one month after the end of each semi-annual period, as required by their business outsourcing contracts with these subsidiaries.

This is the first sanction imposed by the FSS on a financial holding company this year.

 

 

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