New Financial Supervisory Service Chief Yoon Suk-heun takes office
- 6 years ago
It's day 1 on the job for the new chief of the nation's financial supervisory service.
The reform-minded professor taking the helm of the financial watchdog appeared ready to get to work and tackle various pending issues.
Kim Hyesung tells us more.
Financial Supervisory Service Governor Yoon Suk-heun is taking up the mantle of responsibility as the nation's top financial regulator.
"Maintaining independence is neccessary in order to properly supervise the financial system. Financial supervision should not be a means of merely conducting administrative affairs."
In his inauguration speech Tuesday morning, Yoon said the financial watchdog exists to supervise a stable, fair order in the financial market, protect consumers and manage risks.
A former visiting professor of business administration at Seoul National University, Yoon also served as the Chairman of the Moon Administration's Financial Administration Innovation Committee who pushed for financial reform measures.
His inauguration comes after the resignation of Kim Ki-sik, who stepped down in mid-April over various ethical lapses,... including misuse of public funds during his time as a lawmaker
The new FSS chief faces various tasks, including alleged accounting fraud at Samsung BioLogics, an investigation into Samsung Securities' trading error on April 6th and ways to regulate Korea's cryptocurrency exchanges.
Samsung Securities sparked chaos early last month when it mistakenly issued not two-point-eight billion Korean won in dividends to its employees... but two-point-eight billion shares in the company, more than 30 times the number that existed.
On Tuesday afternoon, the FSS announced the results of its one-month investigation, saying the main cause of the so-called fat finger incident was a lack of internal control systems and a failure to find error.
The FSS also said it will ask state prosecutors to investigate 21 of the firm's employees for dereliction of duty and embezzlement for selling or attempting to sell the shares.
In addition to the systemic problems, the FSS also found alleged unfair business practices between Samsung Securities and Samsung SDS, and said it will inform the Fair Trade Commission of the details later this week.
Kim Hyesung, Arirang News.
The reform-minded professor taking the helm of the financial watchdog appeared ready to get to work and tackle various pending issues.
Kim Hyesung tells us more.
Financial Supervisory Service Governor Yoon Suk-heun is taking up the mantle of responsibility as the nation's top financial regulator.
"Maintaining independence is neccessary in order to properly supervise the financial system. Financial supervision should not be a means of merely conducting administrative affairs."
In his inauguration speech Tuesday morning, Yoon said the financial watchdog exists to supervise a stable, fair order in the financial market, protect consumers and manage risks.
A former visiting professor of business administration at Seoul National University, Yoon also served as the Chairman of the Moon Administration's Financial Administration Innovation Committee who pushed for financial reform measures.
His inauguration comes after the resignation of Kim Ki-sik, who stepped down in mid-April over various ethical lapses,... including misuse of public funds during his time as a lawmaker
The new FSS chief faces various tasks, including alleged accounting fraud at Samsung BioLogics, an investigation into Samsung Securities' trading error on April 6th and ways to regulate Korea's cryptocurrency exchanges.
Samsung Securities sparked chaos early last month when it mistakenly issued not two-point-eight billion Korean won in dividends to its employees... but two-point-eight billion shares in the company, more than 30 times the number that existed.
On Tuesday afternoon, the FSS announced the results of its one-month investigation, saying the main cause of the so-called fat finger incident was a lack of internal control systems and a failure to find error.
The FSS also said it will ask state prosecutors to investigate 21 of the firm's employees for dereliction of duty and embezzlement for selling or attempting to sell the shares.
In addition to the systemic problems, the FSS also found alleged unfair business practices between Samsung Securities and Samsung SDS, and said it will inform the Fair Trade Commission of the details later this week.
Kim Hyesung, Arirang News.