Hyundai Card, Hyundai Capital Services to be punished for improper business operation

January 17, 2014 Leave a comment

Hyundai Card, Hyundai Capital Services to be punished for improper business operation

2014.01.16 15:51:50

South Korea’s financial authorities are set to impose a penalty on Hyundai Card and Hyundai Capital Services, which were bent on making money, neglecting their customer protection duty, as the Korean financial industry has been hit by a massive leakage of customer information. This is because Hyundai Card turned a deaf ear to the authorities’ call for refraining from selling fee-based personal information protection products, while Hyundai Capital Services was caught having tapped illegal means to expand into supplementary business areas. The two companies are set to face sanction after Hyundai Card was found to have continued to accept payment for providing credit information protection service despite the Financial Supervisory Service’s request not to do so, and Hyundai Capital Services violated the rule of focusing on original business areas and expanded supplementary services such as credit loans, said sources in the financial sector Thursday. Both companies are supervised by CEO Chung Tae-young. Mr Chung, who is well known for design-oriented and innovative management in the financial industry, has been accused of being preoccupied with only profit and not caring for customers by financial regulatory officials. Hyundai Capital Services was infiltrated by hackers and suffered the leakage of 1.7 million customers’ information, and CEO Chung apologized to its customers for the incident in 2011.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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