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One-stop Inheritance Verification Available to Avoid Mass Debt Passing

One-stop Inheritance Verification Available to Avoid Mass Debt Passing

SEOUL, July 1 (Korea Bizwire) – From now on, one can verify the amount of inheritance including debt from the dead when the death is reported to authorities. In the past, inheritance verification required a number of inconvenient visits to several related offices. The Ministry of Government Administration and Home Affairs announced that it had begun [...]

Financial Regulator Cracks Down on DMB-watching Drivers

Financial Regulator Cracks Down on DMB-watching Drivers

SEOUL, June 16 (Korea Bizwire) – From August, drivers who cause traffic accidents while manipulating or watching DMB will receive penalty increases of 10 percent against their responsibility for the accident. In addition, the Financial Supervisory Service (FSS) will add 15 percent more responsibility on drivers who cause accidents in safety zones that protect those vulnerable [...]

Korean Stock Firms Caught in More Legal Battles over Bad Investment Recommendations

Korean Stock Firms Caught in More Legal Battles over Bad Investment Recommendations

SEOUL, June 12 (Korea Bizwire) – Korean stock firms are engaged in an increasing number of legal battles, and eight out of ten lawsuits are bringing them to the dock. According to the Financial Consumer Agency on June 11, the 58 stock firms serving the Korean stock market were engaged in 444 lawsuits seeking 1.728 [...]

Chaebol Families, Celebrities Punished for Illegal FX Trading

Chaebol Families, Celebrities Punished for Illegal FX Trading

SEOUL, March 13 (Korea Bizwire) — South Korea’s financial watchdog has imposed sanctions on relatives of big name companies and celebrities for engaging in illegal foreign exchange trading worth US$40 million, officials said Friday. The Financial Supervisory Service (FSS) decided to issue warnings against 39 individuals including LG Group Chairman Koo Bon-moo’s sister and Lee Soo-man, the [...]

Corporate Taxes to Shrink 15 pct, But Biz Community Claims Rates Still Too High

Corporate Taxes to Shrink 15 pct, But Biz Community Claims Rates Still Too High

SEOUL/SEJONG, Feb. 9 (Korea Bizwire) – South Korea’s tax earnings from the country’s 30 largest conglomerates are expected to shrink 15 percent this year, economic sources said Monday, as the business community claims rates are already high for a trade-dependent nation. Official data by Financial Supervisory Service (FSS) and corporate tracker Chaebul.com said the business groups [...]

Phishing Scam Targets Mostly Women in Their 30s Living in Affluent Gangnam

Phishing Scam Targets Mostly Women in Their 30s Living in Affluent Gangnam

SEOUL, Nov. 13 (Korea Bizwire) – Women in their 20s and 30s are reportedly known to be the most frequent victims of phishing scam, according to the Financial Supervisory Service. By region, people living in Seoul’s affluent Gangnam and Seocho districts are most easily fallen by the financial fraud. The financial regulator released a report on November 11 [...]