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[Alpha Biz=(Chicago) Reporter Paul Lee] Kakao Bank, an Internet bank, faced 'Kim Bum-soo risk' again six years after its launch.
This is because financial authorities are targeting Kakao Bank's status as a major shareholder, referring to "corporate punishment" as Kakao's alleged manipulation of the market price emerged during the acquisition of SM Entertainment's management rights.
Regarding Kakao's alleged stock price manipulation of SM Entertainment, Lee Bok-hyun, head of the Financial Supervisory Service, said on the 24th, "We are reviewing actively and comprehensively whether or not to punish corporations in the recent issue."
Director Lee mentioned the corporation because Kakao is the lender of Kakao Bank.
In other words, as a major shareholder of Kakao Bank, an Internet bank, he seems to have in mind the eligibility of Kakao.
Kakao is the largest shareholder with a 27.17% (129,533,725 shares) stake in Kakao Bank.
The social credit requirements of the Special Act on Internet Banks stipulate that major shareholders "have not been punished more than fines for violations such as the punishment of tax offenders, the aggravated punishment of certain economic crimes, and the Fair Trade Act over the past five years."
If Kakao is punished with more than a fine for the price manipulation, there will be problems with the eligibility of major shareholders and financial authorities will issue an "order to meet the eligibility of major shareholders."
Usually, when an order to meet the eligibility of a major shareholder is decided, the qualification of a major shareholder is maintained only when the problem is resolved within the date suggested by the financial authorities.
If the problem is not solved, it is determined that it is not qualified as a major shareholder and it is necessary to dispose of more than 10% of the shares held by major shareholders within six months.
In addition to Kakao, major shareholders of Kakao Bank include Korea Investment & Securities (27.17%), National Pension (5.30%), KB Kookmin Bank (4.88%), and Seoul Guarantee Insurance (3.20%).
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
