[Alpha Biz=(Chicago) Reporter Paul Lee] Kiwoom Securities, which suffered losses of more than 400 billion won due to the stock price manipulation of Youngpoong Paper, will replace its CEO.

According to the securities industry on the 6th, Dow Kiwoom Group internally decided to change its CEO Hwang Hyun-soon (president). It is said that the final decision will be made at the board meeting this month. It is said to be a personnel measure due to the loss of more than 400 billion won due to the failure to prevent the attempted trading of Youngpoong Paper.

Hwang joined Kiwoom Securities in 2000 and became CEO in January last year after serving as head of investment management and head of the group's strategic management office. He was reappointed at a regular shareholders' meeting in March this year. The original term was until March 2026. Hwang is expected to move to another affiliate of the group.

Rumors of a management replacement have begun to emerge this year as the company has been embroiled in two stock price manipulation cases. Youngpoong Paper's stock price manipulation group raised about 490 billion won from Kiwoom Securities through attempted trading. Kiwoom Securities lost more than KRW 400 billion due to a sharp drop in shares of Youngpoong Paper. In April, Kiwoom Securities' difference settlement transaction (CFD) account was used to manipulate the market price. Kiwoom Securities suffered considerable losses as eight related stocks plunged.

Kiwoom Securities said, "There is no discussion on the appointment of the CEO and nothing else has been decided."

 

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