(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Jisun] With former Daou Kiwoom Group Chairman Kim Ik-rae being cleared of stock manipulation charges, Kiwoom Securities is expected to expedite its application for a mega-investment bank (IB) license.

According to the financial investment industry on the 31st, the Financial and Securities Crime Joint Investigation Division of the Seoul Southern District Prosecutors' Office has reportedly decided not to indict former Chairman Kim, clearing him of the charges. The primary reason cited was that Kiwoom Securities did not report information about specific owners holding the stock manipulation-targeted stocks to Kim. Additionally, Kim’s significant trading of Daou Data shares began in earnest after his obligation to return short-term trading profits expired in March of last year, further supporting the non-indictment decision.

The financial investment industry anticipates that Kiwoom Securities will apply for the mega IB license as early as the second half of this year. Originally, Kiwoom Securities planned to apply and receive the license last year, but the process was indefinitely delayed due to the owner's risk.

 

 

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