[Alpha Biz= Reporter Kim Minyoung] Standard Chartered Korea received a fine of 38 million KRW from the Financial Supervisory Service on the 13th, along with institutional warnings. This is because they gained unfair profits as stipulated by the Capital Market Act.
Banks engaged in securities trading and brokerage activities should refrain from engaging in improper business practices. Standard Chartered Korea received hotel vouchers worth 20 million KRW from six asset management companies between 2020 and 2021. These vouchers were kept in the department, and the department head used them arbitrarily.
The issue arises from the fact that the employee in question comes from a securities firm background, and they have had customary dinners with acquaintances from asset management companies in the past. However, during the COVID-19 pandemic, they resorted to lavish entertainment using hotel vouchers worth millions of won.
The Financial Supervisory Service emphasized that this behavior was "an improper action that deviates from common practices."
Alphabiz Kim Minyoung (kimmy@alphabiz.co.kr)
