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KTB Investment & Securities chairman resigns; replacement named

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KTB Investment & Securities chairman resigns; replacement named

Kwon Sung-moon resigned as chairman of South Korea's KTB Investment & Securities Co. Ltd. and sold a 5.96% stake in the brokerage to his replacement for 66.2 billion won, Pulse reported March 5, citing a regulatory filing.

Kwon's resignation came after his involvement in a series of scandals. In 2017, he drew public criticism after he was caught on tape in 2017 inflicting physical violence on an employee, according to the report. The employee was later found to have been paid off to stay silent. The country's financial regulators also accused Kwon of breach of trust and embezzlement.

In addition to Kwon, two outside directors of the company resigned.

Meanwhile, the company appointed Lee Byung-chul as chairman. Lee also became the brokerage's largest shareholder with a 19.96% stake after acquiring the shares from Kwon.

As of March 5, US$1 was equivalent to 1,077.53 South Korean won.