FSS to delay announcing workout-audit results

The Financial Supervisory Service (FSS) delayed announcing the results of audits of workout companies by one day instead of releasing them Monday as scheduled.

The FSS on Monday released report material asserting that it has unveiled cases of questionable practices in workout accompanies, their management and creditor financial institutions after co-performing audits on 44 workout companies with creditor banks throughout July.

The FSS plans to ask the national tax administration to conduct tax audits on the problem workout companies and will formally indict the companies if they are found guilty of any illegal activities.

However, as the FSS did not fully disclose the details of their findings, press reporters requested additional report materials.

Cho Jae-Ho, director of the FSS explained that the FSS¡¯s decision will not disclose the details of cases where workout companies were found guilty of illegal activities was intended to prevent additional trouble for the companies and increased concerns over violation of the real name law.