2024-02-15 16:22:07
In relation to the Hong Kong H Index stock-linked securities (ELS) loss, civic groups and investors requested a public interest audit of the financial authorities’ poor management. Similar incidents continued, including the overseas interest rate-linked derivative-linked fund (DLF), but the problems were repeated due to the supervisory authorities’ negligence in management and supervision.
On the 15th, the ‘Hong Kong H Index ELS Victims’ Group, the Financial Justice Solidarity, People’s Solidarity for Participatory Democracy, and the People’s Livelihood Economy Committee of the Lawyers for a Democratic Society (Minbyun) held a press conference in front of the Board of Audit and Inspection in Jongno-gu, Seoul and requested a public interest audit of the Financial Services Commission and the Financial Supervisory Service. He said he did. They urged the Financial Services Commission to investigate whether related laws were violated in the process of allowing banks to sell some high-risk financial products in trust in November 2019. The Financial Supervisory Service also pointed out that an audit is necessary to ensure that supervisory duties, such as regular monitoring and on-site inspection, were properly performed. Kim Eun-jeong, secretary general of People’s Solidarity for Participatory Democracy, said, “After the DLF incident, the financial authorities said they would restrict banks’ sales of high-risk private equity funds, but due to opposition from the banking sector, they allowed it once more a month later,” adding, “The internal control system does not work properly in the face of financial companies’ pursuit of profit. “It wasn’t,” he said.
Financial Services Commission Chairman Kim Joo-hyun said at a meeting of bank presidents regarding corporate finance support measures held at the Bank Hall in Jung-gu, Seoul on this day, “We plan to prepare a plan to improve the system based on the results of the Financial Supervisory Service’s on-site inspection.”
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