KOREA REPRIMANDS ING LIFE UNIT OVER ILLEGAL INSIDER TRADING

South Korean regulator the Financial Supervisory Service (FSS) has censured the Seoul-based unit of Netherlands-headquartered ING Life and its president Joost Kenemans for violating a local law which prohibits life and non-life insurers from extending loans that amount to more than 2% of their total assets. The unit is understood to have broken the condition more than 300 times in unauthorised lending to its sister companies between September 2001 and July this year. “After the unauthorised lending ... ING pocketed 32m won in illegal gains”, an FSS spokesperson added.