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Biz News Korea(Eng)
Shinhan Card CEO Wi’s hopes for bank CEO dashed upon filed with perjury charge
- Collected
- 2017.02.02
- Distributed
- 2017.02.03
- Source
- Go Direct
In its charge filed with the Seoul Central District Prosecution Office on Wednesday, the Korea Finance Consumer Association (KOFICA) claimed Wi had lied when denying to have ordered the bank to arrange 200 million won ($173,626) out of corporate coffers to cover legal expenses for former Shinhan Financial Group Chairman Ra Eung-chan in his court battle six years ago with the group’s former president Shin Sang-hoon.
He lied at the court of having attempted to cover up for his ordering handover of 300 million won in bribes to Lee Sang-deuk, then ruling party heavyweight and elder brother of former President Lee Myung-bak, it also said.
The country’s top financial group underwent high-profile scandalous feud in 2010. Shin was charged with embezzlement and breach of trust while waging a power struggle with Ra and then Shinhan Bank CEO Lee Baek-soon. The fiasco ended up kicking out all three. Wi, then vice president of Shinhan Financial Group, acted as spokesman for Ra.
The civilian group demanded the bank not to recruit Wi. Bank observers said regardless of the prosecution probe, the renewed charges will likely bring down Wi from the promotion.
The Korea’s largest financial group plans to embark on a process to pick replacement for Shinhan Bank CEO Cho Yong-byoung whose term ends in March. Other candidates to head the bank include the group’s vice presidents Lim Young-jin and Kim Hyung-jin and Shinhan BNP Paribas Asset Management CEO Min Jung-kee.
By Kim Tae-sung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]