South Korea reviewing freeze on notes tied to Singapore firms: source

[SEOUL] Financial regulators in South Korea are reviewing why investors in some structured notes are being prevented from withdrawing their money, according to a person familiar with the matter.

The Financial Supervisory Service is looking into at least 278.9 billion won of such securities bought by South Korean individuals and companies that are linked to account receivables of certain Singapore-based trading companies, said the person, who asked not to be identified because they aren't authorised to speak publicly on the issue.

South Korean regulators are trying to figure out if the Singapore firms are having any difficulties with regard to repayments, the person said, after the coronavirus pandemic triggered a collapse in global trades. They are also checking whether the companies bought insurance covers, said the person. A spokesperson for FSS declined to comment on the matter.

Falling interest rates have pushed South Korean investors, notably individuals, to jump into derivative-linked products that carry massive risks. While it's the investor's responsibility to read up on the risks of an investment, the nation's watchdogs have probed whether those products were sold without enough information provided to buyers or whether they had design flaws.

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