Investors lost an estimated KRW 1.7 trillion. Lime Asset Management has a reported KRW 520 billion in debt, compared to just KRW 19 billion in assets, which will be liquidated.
February 24, 2022Shinhan Investment and KB Securities were ordered to suspend parts of their operations for six months. Daishin Securities was ordered to close a branch.
November 16, 2021Six industry bodies have filed a joint request asking regulators to grant their boards more autonomy over their internal affairs rather than punishing their executives.
September 16, 2021Daishin Securities is asked to compensate investors up to 80% of losses after it missold funds managed by Lime Asset Management.
August 3, 2021Shinhan Bank's CEO and Shinhan Financial Group's Chairman received lighter punishments than expected over the Lime mis-selling scandal.
April 26, 2021Shinhan Bank has separately been ordered to repay up to 75 percent of investments it sold in Lime's credit insured funds.
April 22, 2021The new rules imposing stricter requirements on leverage, cross trading, sales practices and risk management, among other areas.
March 23, 2021The FSS will encourage banks and securities firms that sold frozen Lime funds to voluntarily settle disputes with other investors based rates set at the ruling.
February 25, 2021Woori Financial Group’s chairman may be suspended from his duties, while the Shinhan Bank’s chief executive may receive a reprimand warning.
February 5, 2021The minimum required capital will be raised from 100mn to 300mn won. Private equity funds with high leverage will need 500mn won.
February 4, 2021