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[Alpha Biz=(Chicago) Reporter Kim Jisun] Kiwoom Securities' board of directors has withheld its decision to voluntarily resign CEO Hwang Hyun-soon.
Kiwoom Securities said on the 16th, "The board of directors will suspend its decision on the CEO's future and discuss it again at the board meeting later."
On the 9th, Hwang Hyun-soon, president of Kiwoom Securities, announced his intention to resign voluntarily. It is to take moral responsibility for large-scale unpaid bonds.
Kiwoom Securities incurred KRW 494.3 billion in outstanding payments due to the lower limit on stock price manipulation of Youngpoong Paper, of which only KRW 61 billion was recovered. The remaining outstanding amount of 433.3 billion won will be reflected in the fourth-quarter earnings.
It has been pointed out that risk management has failed due to large-scale receivables. This is because other securities firms raised the margin ratio of attempted trading of Youngpoong Paper to 100%, while Kiwoom Securities maintained its margin ratio of 40%.
The industry predicted that discussions on the next president will take place at the board meeting. The next presidents included Um Joo-sung, vice president of Kiwoom Securities' strategic planning headquarters, and Park Yeon-chae, vice president of Hall Sale.
However, as the company refused to accept Hwang's resignation and put it on hold, it is expected that discussions on the next president will be delayed. A future board meeting has not been decided either.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
