 |
Photo = Yonhap news |
[Alpha Biz= Paul Lee] The Financial Supervisory Service (FSS) has confirmed that the major shareholders and executives of Sambo Engineering realized a profit of over 100 billion KRW in connection with allegations of stock price manipulation.
FSS Governor Lee Bok-hyun spoke with reporters on Wednesday after meeting with the CEOs of 24 major securities firms and the chairman of the Korea Financial Investment Association, Seo Yoo-seok, in Yeouido, Seoul. He stated, “There have been reports regarding the realization of over 100 billion KRW in profits by some stakeholders, and it’s hard to deny that.”
Governor Lee also emphasized that securities firms should remain committed to their primary role of supplying venture capital.
He commented, “Currently, South Korean securities firms are at a disadvantage compared to global investment banks in terms of capital size and profitability.”
Lee stressed that “While the banking industry acts as a stable dam, providing water, the securities industry must be an innovative stream that creates pathways.”
Governor Lee also noted the growing trend of investors increasing direct overseas investments and the stagnation of growth in the securities industry's asset management sector, calling for reflection on these trends. He added, “As the responsibility framework is being introduced, we need to refine internal control systems that reflect the unique characteristics of the securities business.”
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
