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[Alpha Biz=(Chicago) Reporter Kim Jisun] Park Jung-rim, CEO of KB Securities, filed an administrative lawsuit against the Financial Services Commission over the disciplinary action against the incomplete sale of Lime Fund.
CEO Park was limited to employment in the financial sector for four years after the Financial Services Commission confirmed a heavy penalty for "suspension of duties." Chung Young-chae, head of NH Investment & Securities Co., who received a 'reproach warning' at the same time, is also expected to file an administrative suit.
According to the financial investment industry on the 11th, CEO Park recently applied for a suspension of execution to the court to cancel the disciplinary action imposed by the Financial Services Commission. The Seoul Administrative Court Administration Department 4 (Presiding Judge Kim Jung-joong) will open the interrogation date at 1:30 pm on the 15th.
At a regular meeting on the 29th of last month, the Financial Services Commission decided to suspend CEO Park for three months due to violation of his obligation to prepare standards for financial control under the Corporate Governance Act. Two days later, on the 1st, we immediately filed a lawsuit to cancel the suspension of duties. The application for suspension of execution calls for suspending the suspension of duties until the ruling of the lawsuit is made.
Park resigned from the position of head of KB Financial Group on the 30th of last month, the day after the Financial Services Commission sanctions. CEO Kim Sung-hyun is acting on behalf of CEO, which ends its term at the end of the year. On the same day, he also submitted a resignation letter for an outside director of the Korea Exchange.
As CEO Park goes on an administrative lawsuit, attention is also being paid to NH Investment & Securities CEO Chung Young-chae's move.
Chung's term is until March next year, and Chung is also unable to serve an additional term. NH Investment & Securities has received a notice that includes the results of the sanctions and plans to review whether to file a lawsuit. An official at NH Investment & Securities said, "We will internally review future countermeasures against the Financial Services Commission's decision."
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
