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Finance

Financial sector audit clashes over hacking, ETFs as digital asset rules near final stage

South Korea’s parliamentary audit of the Financial Services Commission focused on a string of hacking incidents, single-stock leveraged ETFs and the effectiveness of property loan curbs. Lawmakers raised concerns over inconsistent inspection periods and limited log reviews, while calls grew to ease network separation rules to counter AI-driven threats. Regulators also discussed stablecoin legislation, cross-border tracking of digital asset transfers and preparations for tokenised securities rules, alongside broader fintech and banking industry developments.

Industry

MBK cancels 2.4 million Homeplus shares without compensation, wiping out 2.5 trillion won stake

MBK Partners’ 2.4 million Homeplus common shares were cancelled without compensation under a Homeplus rehabilitation plan approved by the Seoul Bankruptcy Court, eliminating shareholder rights including control. The cancellation removes the need for a new buyer to purchase the former controlling shareholder’s existing shares in any future M&A. MBK had said it would accept the cancellation. The plan’s implementation faced hurdles after Homeplus failed to secure 200 billion won in emergency funding, but financing was arranged later.

Industry

Lotte Holdings receives apology letter from Lotte Card after sales sanctions

Lotte Holdings said it received an official apology letter from Lotte Card after financial authorities imposed sanctions on the card issuer. The Financial Services Commission confirmed on July 31 a 1.5-month partial suspension of some of Lotte Card\'s business operations. In the letter, Lotte Card apologised for inconvenience to customers of Lotte Holdings and its affiliates and said it would focus on customer support during the suspension period.