Homeplus bankruptcy procedure abolished, sanctions and dispute mediation accelerated
As Homeplus faces a bankruptcy crisis after the abolition of its rehabilitation procedure, the financial authorities have decided to move quickly on sanctions and dispute-mediation procedures related to the mis-selling of short-term corporate bonds. The authorities will make investor damage relief and a soft landing for market risks their top priorities and will announce a detailed schedule for measures soon.
As Homeplus has effectively fallen into a bankruptcy crisis after the abolition of its rehabilitation procedure, the financial authorities have decided to speed up sanctions and dispute mediation related to the mis-selling of short-term corporate bonds.
The financial authorities said they will prioritize measures to reduce investor losses and manage market risks. Sanctions and dispute mediation will focus on the issue of mis-selling short-term corporate bonds.
In the dispute-mediation process, the goal is to provide swift relief by setting standards for investor compensation and processing deadlines. The authorities plan to decide the level of disciplinary action and the scope of compensation through consultations with relevant institutions.
The abolition of the rehabilitation procedure means that Homeplus has lost legal protection. As a result, procedures such as creditor adjustment, debt settlement, and asset sales are likely to move into full swing.
Financial authorities plan to strengthen supervision of securities firms and distributors so that market shocks do not spread. The tighter supervision will include requests for submission of materials related to improper sales and checks on internal controls.
Specific timing and details of measures will be announced officially after consultations among the relevant institutions are completed. Investors were advised to check the circumstances under which their short-term electronic bonds were sold and the contracts they hold.
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