Hana Financial Group Vice Chairman Ham Young-joo lost the first trial in an administrative lawsuit filed by the financial authorities for incomplete sales of derivative-linked funds (DLF). On the 14th, the 5th administrative division of the Seoul Administrative Court (Chief Judge Kim Soon-yeol) dismissed the plaintiff’s claim in a lawsuit once morest the financial authorities, including vice chairman Ham and Hana Bank, to cancel the disposition, including suspension of business. The court said, “The size of the loss due to incomplete sales is huge and the ignoring of the duty to protect investors has violated the trust of the bank.” In March 2020, the financial authorities issued a censure warning to Vice Chairman Ham, who was then the head of Hana Bank, in relation to the DLF loss. Previously, Woori Financial Group Chairman Son Tae-seung filed an administrative lawsuit with the same content and won the first trial.
Reporter Shin Ji-hwan jhshin93@donga.com
