President Moon: "Yoon Jong-won, IBK Bank President, Should Not Be Vetoed for Not Being an Insider"

On the 14th, citizens are watching the live broadcast of President Moon Jae-in's New Year's press conference in the waiting room of Seoul Station, Yongsan-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Lee Ji-eun] President Moon Jae-in criticized the labor union regarding the criticism that Yoon Jong-won, the president of Industrial Bank of Korea, is a "parachute appointment," stating that "they should not veto just because he is not from within the organization."

At the New Year's press conference held on the 14th at the Blue House State Guest House under the theme "Definite Change, Korea 2020," President Moon addressed the controversy over government-controlled finance, saying, "Industrial Bank of Korea is a government-funded policy bank and a policy financial institution. As a kind of public institution, the appointment authority lies with the government."

President Moon explained, "If we need change, we bring in people from outside; if stability is needed, we promote from within," adding, "If the new president Yoon were unqualified, that would be another matter, but he has worked in economic finance, served as an economic and financial secretary at the Blue House during the previous administration, held the senior secretary position in this administration, and even served as an executive director at the International Monetary Fund (IMF)."

He continued, "There is absolutely no lack in terms of experience, so it is not right to veto him simply because he is not from inside the organization," and added, "The union members will have opportunities to be promoted from within next time, so I hope they will view the appointment with a more open mind, focusing on whether Industrial Bank of Korea can develop further and more actively support small and medium-sized enterprises."

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