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Lehman’s Seoul Operations Partially Suspended

Posted September. 17, 2008 07:52,   


The Financial Supervisory Commission announced yesterday that it will partially suspend operations of Lehman Brothers’ Seoul offices until Dec. 15.

The financial watchdog will also prevent the U.S. investment bank from transferring money or assets overseas to protect domestic investors and financial institutions from the fallout of Lehman`s bankruptcy.

After receiving a series of reports, President Lee Myung-bak urged officials to come up with effective measures.

Strategy and Finance Minister Kang Man-soo, senior presidential secretary for economic policy Bahk Byung-won and Bank of Korea Governor Lee Seong-tae also held a meeting on macroeconomic policies and discussed what the government should do.

A newly launched task force of experts from related authorities will monitor the global financial market.