'Loss accrues' Saemaul Geumgo to restrict dividends from January

The Ministry of Public Administration and Security said it will strictly limit dividends for Saemaul Geumgo, which suffered losses from January next year, and has given advance notice to order the implementation of dividend restrictions based on the supervisory authority of Article 74 of the Saemaul Geumgo Act.

The Ministry of Public Administration and Security pointed out that even if a number of Saemaul Geumgo suffer losses, it needs to be improved by proceeding with dividends, and the move is aimed at preemptively preparing for expected losses from the sale of bad bonds and the accumulation of provisions for bad debts.

As a result of this measure, Saemaul Geumgo, which has lost a net profit in the current period, will have a lower dividend rate, and treasury, which has run out of carryover losses, will be banned from dividends regardless of profit or loss.

The Ministry of the Interior and Safety said it will boldly and firmly pursue measures necessary to restore trust in Saemaul Geumgo.