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Photo: NH Nonghyup Bank |
[Alpha Biz= Reporter Kim Sangjin] The Financial Supervisory Service (FSS) has begun sanction procedures based on the results of regular inspections of NongHyup Financial and its holding company.
As of November 3, reports indicate that the FSS is drafting a sanction plan for NongHyup Bank and NongHyup Financial Group. This follows a special inspection in April that uncovered a 10 billion KRW real estate loan issue at NongHyup Bank and the subsequent regular inspection results.
The sanction plan will outline specific legal violations by the financial institution, including the involved individuals and their supervisory roles, along with initial proposals for sanctions based on the severity of the violations. For example, if an initial proposal suggests a "three-month suspension of specific business activities," it will also include a range of possible sanctions, from less severe to more severe actions.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
