[Alpha Biz=(Chicago) Reporter Kim Jisun] Woori Financial Group Chairman Sohn Tae-seung and Woori Bank, who received heavy penalties from financial authorities for incomplete sales of Lime Fund, have decided to give up the lawsuit and accept related sanctions.

Woori Bank said on the 7th, "We decided to accept the financial authorities' sanctions related to Lime Fund and not file an administrative lawsuit."

Earlier, the Financial Services Commission confirmed a "reprimand warning," a heavy penalty, to Woori Financial Group Chairman Sohn Tae-seung in connection with incomplete sales of Lime Fund. Woori Bank also imposed a partial suspension of business, including a three-month suspension of new sales of private equity funds, and a fine of 7.66 billion won.

Woori Bank said, "Woori Bank will do its best to enhance customer trust by further strengthening extensive improvement and innovation in internal control and financial consumer protection systems related to private equity funds."

 

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