Kookmin Bank faces additional fines over overseas property funds after HK-linked ELS scandal
KB Kookmin Bank, already facing potential hefty fines over the improper selling of equity-linked securities (ELS) tied to the Hang Seng China Enterprises Index in Hong Kong, is also at risk of severe penalties related to its sales of overseas real estate funds, financial authorities and industry officials said Monday. The Financial Supervisory Service (FSS) completed inspections in October of three distributors of the so-called Belgium real estate fund — Korea Investment & Securities, KB Kookmin Bank and Woori Bank — and is currently compiling its findings. The Belgium real estate fund, created in 2019 by Korea Investment Real Asset Management, was a public offering designed to generate returns from rental income and capital gains on property sales. However, growing uncertainty in Europe’s property market, coupled with sharp interest rate hikes, hindered asset sales and ultimately wiped out all invested principal. Kookmin Bank is alleged to have violated the suitability principle by misclassifying the risk level of this high-risk product. Under the suitability rule, financial instWeiter zum vollständigen Artikel bei Korea Times
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Quelle: Korea Times