Ham Yong-il, deputy head of the institutional sector at the Financial Supervisory Service, said, regarding the overstatement of revenues at Korea Investment & Securities, that they have "initiated an examination."
Deputy Head Ham noted during a briefing on capital market issues on the 1st that they will convert to an audit with enforcement depending on factors such as scale, ratio, and intent, adding that the process should be closely monitored.
Earlier, Korea Financial Group revised its business reports, correcting the operating revenues and operating expenses from 2019 to 2023. In this process, Korea Investment & Securities' operating revenues for the five years were reduced by about 5.7 trillion won compared to before, while operating expenses increased by 5.7 trillion won.
The issue arose from the retail and FX departments at Korea Investment & Securities not offsetting during the process of handling foreign exchange transactions. However, because the operating expenses were also incorrectly calculated at the same value, the net income remained unchanged.