Mirae Asset fined W2b for Hanoi tower-related securities sale

Published : Mar 8, 2017 - 16:50 Updated : Mar 8, 2017 - 17:24

Mirae Asset Daewoo Co., a leading brokerage firm in South Korea, was fined 2 billion won ($1.7 million) on Wednesday for skipping the reporting of its securities sale based on the Landmark 72 tower in Hanoi, Vietnam's tallest building.

The Financial Services Commission made the final decision to punish Mirae, saying it failed to submit a report on the sale of asset-backed securities worth 300 billion won last year.

The headqarters of Mirae Asset Daewoo in Seoul in a file photo. (Yonhap)

There were 15 special purpose corporations involved and Mirae argued the move was a type of privately offered sale. But the FSC viewed it as a publicly offered issuance involving more than 500 investors, which requires the transaction to be reported to the authorities.

Mirae acquired the Hanoi tower last year with 400 billion won in investment. (Yonhap)