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Finance

Hong Kong ELS fine decision delayed again as FSC deliberates for two months

A decision on fines over banks\' alleged mis-selling of equity-linked securities tied to Hong Kong\'s H-share index has been delayed again in South Korea. The Financial Services Commission did not put the item on the agenda for its regular meeting on April 15, making a conclusion this month unlikely. The FSC received the case from the Financial Supervisory Service\'s sanctions panel in February but has yet to decide. The panel had decided on about 1.4 trillion won in fines.

Finance

Decision on Hong Kong ELS fines for banks nears ahead of FSC meeting

A decision on fines for banks over mis-selling of Hong Kong H-index-linked equity-linked securities (ELS) is nearing, with expectations focused on the Financial Services Commission\'s regular meeting on April 15. The fine amount has already been sharply reduced from about 4 trillion won to about 1.4 trillion won. Further cuts of up to 75 percent are possible under financial consumer protection rules, and views differ inside the commission on additional reductions.

Finance

KB Kookmin Bank recommends Yeon Tae-hoon as new outside director

KB Kookmin Bank said on Thursday its outside director nomination committee recommended 1 new outside director and 3 outside directors for reappointment. The bank recommended Yeon Tae-hoon, a senior research fellow at the Korea Institute of Finance, as the final candidate for the new post with a two-year term. Yeon studied economics at Seoul National University and earned master’s and doctoral degrees at the University of Michigan, and has researched financial markets including capital markets and consumer protection.