 |
Hana Financial Group Chairman Ham Young-joo (photo = Yonhap News) |
[Alpha Biz= Reporter Kim Sangjin] Ham Young-ju, Chairman of Hana Financial Group (formerly Hana Bank CEO), has won the final appeal in the lawsuit challenging the severe penalty imposed by financial authorities due to the overseas interest rate-linked Derivative-linked Fund (DLF) losses.
On July 25, 2024, the Supreme Court of South Korea made a decision to dismiss the appeal for review in the DLF administrative lawsuit. This dismissal means that the original court's decision remains in effect without further review.
In February, the second-instance court overturned the first-instance ruling and partially favored Ham Young-ju and Hana Bank in their lawsuit against the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS). The second-instance court determined that only 2 out of 10 detailed reasons for Ham's alleged violation of internal control standards were justified, unlike the first-instance ruling that had accepted 7 reasons.
The court ruled that the penalty imposed on Hamm Young-ju was excessive, given that only a few reasons were upheld, and thus canceled the original penalty.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
