Postponed from the 24th to the 30th of the payment date
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(Seoul = Yonhap News) Reporter Chae-rim Ha = It seems that MG Non-Life Insurance, which is undergoing due diligence on assets and liabilities by the financial authorities, will not meet the deadline for implementing the financial authorities’ order to increase capital.
MG Insurance announced on the 24th that it would change the payment deadline for capital increase from the 24th to the 30th through ‘disclosure on other major management matters’.
Previously, MG Non-Life Insurance had decided on a capital increase plan to raise 37.7 billion won by the 24th of this month through the issuance of new shares at the board of directors meeting on the 28th and 2nd of this month.
An official from the financial authorities said, “MG Non-Life Insurance has informed us that it will delay the payment of shares by 6 days.”
Suffering from a lack of capital, MG Insurance, which had previously received management improvement recommendations or requests for management improvement from the Financial Services Commission, pursued a management improvement plan, but has not been able to accumulate sufficient capital so far.
MG Non-Life Insurance submitted a plan to increase 150 billion won by March of this year, including 30 billion won in paid-in capital by the end of last year, in October last year, but it was unable to fulfill the plan by only raising 20 billion won by the end of the year.
In response, the FSC issued a management improvement order at the end of January, and notified that the capital expansion plan should be completed by the end of February and the completion of the capital expansion plan by March 25.
However, on the same day, MG Insurance delayed the payment of shares to 30 days, which once more exceeded the deadline requested by the Financial Services Commission.
After receiving a management improvement order from the FSC, MG Non-Life Insurance submitted a new management improvement plan earlier this month and is awaiting approval from the FSC.
The new management improvement plan is to prepare 36 billion won through capital increase by the end of this month, and to fill 90 billion won more by June. It is asking for three months more time than the deadline ordered by the FSC.
An official from the financial authorities said, “Even if MG Non-Life Insurance raises 37.6 billion won by the 30th through a capital increase, it has failed to fulfill the deadline and requirements of the FSC’s improvement order. It depends on the above committee members,” he explained.
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2022/03/24 20:11 Send