Investors protest at S Korea bank

Investors who lost up to 80 per cent of their funds say bank did not warn them of risks.

    Investors say the bank did not give them enough warning that their cash was at risk

    Kwon Jeong-ja told the Associated Press news agency: "I'm 71-years old. How can I go for the rest of my life without this money?

    "The money I invested was all I had for my future life."

    Failures

    Earlier this week, South Korea's bank regulator said Woori had failed to adequately explain the risks to its customers.

    In a ruling on Tuesday the Financial Supervisory Service (FSS) said Woori would have to cover half the losses suffered by investors who had put money into the fund.

    In a statement the FSS said the bank "did not provide explanatory notes to the investor, who had no experience with buying funds, when it sold the derivatives investment product".

    The regulator added: "It also told the investor that the fund had almost a zero chance of losing the principal sum, leading the buyer to mistake it for a bank deposit in which the principal payment was guaranteed."

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Venezuela in default: What next?

    Venezuela in default: What next?

    As the oil-rich country fails to pay its debt, we examine what happens next and what it means for its people.

    The Muslims of South Korea

    The Muslims of South Korea

    The number of Muslims in South Korea is estimated to be around 100,000, including foreigners.

    What is Mohammed bin Salman's next move?

    What is Mohammed bin Salman's next move?

    There are reports Saudi Arabia is demanding money from the senior officials it recently arrested.