Watchdog lightens punishment of bank heads accused of mismanagement
South Korean market
Seoul - Yonhap
The South Korean financial watchdog on Friday reprimanded heads of KB Financial Group Inc. and its flagship Kookmin Bank for management failures, wrapping up an investigation that dragged on for two months with the level of punishment far lighter than expected.
The Financial Supervisory Service (FSS) said its disciplinary committee gave warnings to KB Financial Chairman Lim Young-rok and Kookmin Bank President Lee Kun-ho, commuting the punishment from a heavy penalty that could have forced them to resign.
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