Arab Today, arab today korean financial watchdog stiffens punishment for heads of korean bank financial
Last Updated : GMT 05:27:22
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Arab Today, arab today

Korean financial watchdog stiffens punishment for heads of Korean bank financial

Arab Today, arab today

Arab Today, arab today Korean financial watchdog stiffens punishment for heads of Korean bank financial

Choi Soo-hyun
Seoul - Yonhap

The chief of South Korea's financial watchdog on Thursday overturned an earlier decision by a disciplinary panel and imposed a heavier punishment on the heads of KB Financial Group Inc. and its flagship Kookmin Bank, the first time that the watchdog has rejected the panel's decision.
Gov. Choi Soo-hyun of the Financial Supervisory Service (FSS) said the watchdog will stiffen the penalties on KB Financial Chairman Lim Young-rok and Kookmin Bank President Lee Kun-ho to the level of "censure," the third-highest among five penalties that it can mete out to officials of financial institutions. The three highest levels of punishments are considered to be heavy.

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