Photo courtesy of Yonhap News

 

[Alpha Biz= Paul Lee] Allegations have emerged that Hanwha Solutions engaged in prior coordination with financial regulators during its rights offering process, raising concerns over regulatory fairness.

According to an exclusive report by Alpha Biz on April 5, a CEO-level executive from one of the lead underwriters—KB Securities, NH Investment & Securities, Korea Investment & Securities, or Daishin Securities—reportedly held a private meeting with a senior official at the Financial Supervisory Service ahead of the KRW 2.4 trillion capital increase.

Sources indicated that discussions regarding the rights offering may have taken place during the meeting, potentially aimed at minimizing regulatory review risks and ensuring smoother approval of the securities registration process.

Large-scale equity offerings in South Korea are subject to rigorous scrutiny by financial authorities, and such high-level contact—if confirmed—could raise questions about the integrity of the review process.

Both the Financial Supervisory Service and Hanwha Solutions have strongly denied the allegations. The regulator stated that claims of prior coordination are “completely unfounded,” emphasizing that all reviews are conducted strictly according to established procedures without pre-arranged consultation.

Hanwha Solutions also issued an official apology on April 4, attributing the controversy to an inappropriate remark made by its chief financial officer and reiterating that no prior coordination with regulators had taken place.

Market observers note that given the scale of the transaction and the involvement of senior executives, the controversy is unlikely to subside quickly and may continue to fuel debate over transparency and fairness in capital market oversight.

 

 

 

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