March 4, 2024

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Mirae Asset Daewoo Dealing with Prosecution Investigation for Violation of Overseas Trade Transaction Act

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Mirae Asset Daewoo’s main office in central Seoul

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Mirae Asset Daewoo Securities is experiencing an investigation by prosecutors for an alleged violation of the Foreign Exchange Transaction Act.

The Money Supervisory Services notified the prosecution on Jan. 11 that Mirae Asset Daewoo violated the Foreign Trade Transaction Act on Dec. 7, 2020.

Mirae Asset Daewoo invested about 10 billion won in abroad cash set up in India early 2020 and acquired consulting by a legislation business during the expense approach. Mirae Asset Daewoo claimed its expense in the fund to the Money Supervisory Company ex put up facto.

The International Trade Transaction Act stipulates that if an expense in an offshore economical enterprise exceeds 10 per cent of its full belongings, it will have to be described to foreign trade authorities. Mirae Asset Daewoo reportedly violated the reporting regulation as its stake exceeded 10 p.c of the total belongings of the fund when it has finished recruitment of traders in the fund, even though its stake was fewer than 10 % at the time of the fund institution.

Owing to the action taken by the FSS, Mirae Asset Daewoo has made a decision to decrease its popular stock stake in Naver Economic to under 10 p.c by converting some of its holdings into most popular shares. Mirae Asset manufactured this distressing decision to make it possible for Naver Economical to implement for a MyData enterprise license. Mirae Asset is the second greatest shareholder of Naver Money with a 17.66 percent popular stock stake. But if the prosecution launches an investigation into Mirae Asset Daewoo, Naver Money are unable to use for a MyData company license because a review on the qualification of Mirae Asset Daewoo as a main shareholder with more than a 10 percent stake will be place on hold until eventually the prosecution investigation is completed. Mirae Asset has picked out to take out by itself from the list of Naver Financial’s key shareholders by decreasing its popular inventory stake to down below 10 per cent. This selection is self-sacrificial as Mirae Asset’s voting legal rights are decreased.

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