FSC on Tongyang damage control// 금융위-금감원, 동양사태 후폭풍 어떻게 헤쳐나갈까? While the debt crisis involving Tongyang Group shows no signs of being resolved anytime soon, the focus is now on whether there are more financially pressed conglomerates and whether the financial regulator can prevent a repeat of what happened with the nation’s 38th-largest conglomerate. As for now, the government has calmed market concerns over rumors that several other companies are under financial pressure, noting they have been overblown. “I think there is an exaggeration in the market [over concerns that there are other groups at risk besides Tongyang Group],” Shin Je-yoon, chairman of the Financial Services Commission, told reporters on Thursday. “We are currently monitoring the overall situation closely and there have been no movements spotted other than Tongyang Group.” Shin’s comments come as concerns grew last week during a parliamentary audit of the Financial Supervisory Service when Gov. Choi Soo-hyun remarked to lawmakers that four other conglomerates manage their own securities affiliates and secure business funds by having them sell corporate bonds and commercial paper. Choi, however, said that doesn’t necessarily mean the four securities affiliates are selling junk-rated commercial paper and corporate bonds like Tongyang Securities did. “I cannot reveal the list,” he said. bit.ly/1eX8iz8
Posted on: Sun, 27 Oct 2013 11:04:50 +0000
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