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South Korean regulator fines Heungkuk Life, others for rule violations

South Korea's Financial Supervisory Service fined Heungkuk Life Insurance Co. Ltd., IBK Capital Corp. and 10 other local consumer finance companies for violating rules on dealings with their controlling shareholders, The Financial News reported Aug. 6.

Heungkuk Life Insurance was fined 1.82 billion won for offering business contracts to tsis inc., which is owned by the insurer's top shareholder Taekwang Industrial Co. Ltd., on preferential terms between 2014 and 2016. IBK Capital was fined 76.5 million won for acquiring new shares in its Myanmar unit between 2016 and 2017 in excess of a statutory limit without notifying the regulator.

In addition, the regulator imposed smaller fines on 10 other consumer finance providers for similar violations.

As of Aug. 6, US$1 was equivalent to 1,214.71 South Korean won.