South Korea-based Golden Bridge Investment & Securities Co. Ltd. is facing regulatory sanctions for alleged business irregularities involving the company's top management, Yonhap News Agency reported Oct. 15, citing regulatory officials.
The country's Financial Supervisory Service conducted inspections of Golden Bridge Investment & Securities after the company's trade union filed a complaint alleging embezzlement and other acts of misconduct at the company. In September, the regulator approved a proposal to impose sanctions, including an institutional warning, on the company for the irregularities.
The Financial Services Commission is set to finalize the sanctions on Oct. 24.
Meanwhile, the FSS suspended its review of the proposed acquisition of Golden Bridge Investment & Securities by Sangsangin Co. Ltd. in August, citing issues concerning Sangsangin's top management. Under the deal, which was signed in February, Sangsangin agreed to buy a controlling stake in Golden Bridge Investment & Securities from Golden Bridge Co. Ltd.
Sangsangin was formerly known as Texcell-NetCom Co. Ltd.