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[Alpha Biz= Reporter Kim Sangjin] Samsung SRA Asset Management Fined 140 Million KRW for Excessive Overseas Office Investments

On the 19th, the Financial Supervisory Service imposed a sanction of approximately 140 million KRW on Samsung SRA Asset Management for violating collective investment agreement regulations.

Samsung SRA Asset Management breached regulations from June 30, 2017, to March 28 last year (inspection end date) by investing collective investment assets in U.S. office-related mezzanine bonds exceeding the prescribed limits. According to the collective investment agreement, the risk assessment value of derivative products should not exceed 10% of the total net assets. However, the investment ratio ranged from 40.3% to 155.9%. A total of 7 collective investment vehicles invested in overseas real estate violated these regulations.

From March 29, 2018, to March last year, Samsung SRA Asset Management also engaged in 41 transactions (involving 9 affiliate companies) related to lease agreements and other matters concerning investment properties across 8 real estate collective investment vehicles without notifying the trustee. According to the Capital Market Law, such transactions must be reported to the trustee who manages and stores collective investment assets.

 

 

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