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[THE INVESTOR] South Korean financial watchdog slapped an 87.5 million won (US$ 75,000) fine on KTB Investment & Securities for helping internal transactions between Dongbu Group’s affiliate on June 28.
During an investigation, the Financial Supervisory Service found that KTB Investment and Dongbu Life Insurance worked closely together for the insurer’s improper purchase of Dongbu E&C’s corporate bonds.
In South Korea, financial institutions are banned to buy corporate notes of its affiliate firms.
In May 2013, KTB Investment bought Dongbu E&C’s corporate bonds worth 60 billion won and sold 20 billion won in bonds to Dongbu Life Insurance a month later.
The brokerage firm sold Dongbu E&C’s 20 billion won of bonds to the insurer again after buying bonds worth 50 billion won from the builder in August 2013.
The FSS has issued warnings to the securities firm’s two executive officials.
By Park Han-na (hnpark@heraldcorp.com)
During an investigation, the Financial Supervisory Service found that KTB Investment and Dongbu Life Insurance worked closely together for the insurer’s improper purchase of Dongbu E&C’s corporate bonds.
In South Korea, financial institutions are banned to buy corporate notes of its affiliate firms.
In May 2013, KTB Investment bought Dongbu E&C’s corporate bonds worth 60 billion won and sold 20 billion won in bonds to Dongbu Life Insurance a month later.
The brokerage firm sold Dongbu E&C’s 20 billion won of bonds to the insurer again after buying bonds worth 50 billion won from the builder in August 2013.
The FSS has issued warnings to the securities firm’s two executive officials.
By Park Han-na (hnpark@heraldcorp.com)
