As a "qualified" opinion of the audit reports can lead to a downgrade of Asiana Airlines’ credit rating from the current BBB- to BB+, it raises the possibility of cross default on debts related to maintenance of leased planes and asset-backed securities (ABS) and asset-backed short-term bonds (ABSTB
Choi Jong-ku, chairman of the Financial Services Commission (FSC), announced on Dec. 19 that the government will provide 15 trillion won (US$13.32 billion) in financial support to auto parts producers and small and mid-sized shipbuilders to promote the growth of key industries next year, and will gi
South Korea’s financial authority is planning to expand individual investors’ participation in the short selling market, which has been a “playing field” for foreign and institutional investors.According to the financial industry sources on Oct. 16, Financial Services Commission (FSC) Chairman Choi
Financial Services Commission (FSC) Chairman Choi Jong-ku stressed the need to ease banking-commerce separation on July 11.“South Korea adopted banking-commerce separation back in 1982 in the process of privatizing the previously state-owned banks. It was intended to prevent chaebol from using banks
The Financial Supervisory Service (FSS) has decided to push for employee representation on the board of directors of private financial companies. The decision was a surprise in light of the negative stance on the system expressed by Financial Services Commission (FSC) Chairman Choi Jong-ku. Last yea
Will South Korea’s financial regulator introduce the International Financial Reporting Standards (IFRS 17) and the Korean Insurance Capital Standard (K-ICS) to the domestic insurance industry at the same time in 2021? Industry watchers say a subtle change has been detected in the regulator's sta
Financial Services Commission (FSC) Chairman Choi Jong-ku said on May 18 that he would actively take the International Financial Reporting Standards (IFRS) into account at the second meeting of the Accounting Oversight Deliberation Committee (AODC) regarding the accounting fraud allegations against