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Finance
FSS launches on-site inspections of Shinhan Investment, Kiwoom over JTBC corporate bond mis-selling
South Korea\'s Financial Supervisory Service has begun on-site inspections of Shinhan Investment Corp and Kiwoom Securities to determine whether there was mis-selling in the sales process for JTBC corporate bonds. The watchdog is examining whether the firms proceeded with issuance and sales while aware of the risk of JTBC’s deteriorating finances, and whether they sufficiently notified investors of risks and gave guidance suited to investor profiles. Retail investors are reported to have filed complaints.
Finance
Can Homeplus be rehabilitated? Meritz and MBK escalate clash over responsibility for returns
A dispute between Homeplus\' controlling shareholder MBK Partners and its largest creditor, Meritz Financial Group, is intensifying over responsibility for funding emergency operating money needed for rehabilitation. The Seoul Rehabilitation Court has asked Homeplus to submit a 200 billion won financing plan by June 30, ahead of a July 3 deadline to approve the rehabilitation plan. Prosecutors’ investigation into alleged concealment tied to short-term securities issuance is also emerging as a variable.
Industry
Court rejects arrest warrants for MBK executives over Homeplus case
The Seoul Central District Court on Jan. 14 rejected prosecutors’ arrest warrant requests for MBK Partners Chairman Michael Kim and three other executives over alleged fraud and capital markets law violations tied to the Homeplus case. The court said the alleged 피해 results were serious but the evidence submitted so far did not sufficiently support detention. It also cited limits of warrant hearings and said defence rights should be protected in a non-custodial investigation.
