Court Sentences Shinhan Financial Group Chairman Cho Yong-byeong to Probation for Hiring Corruption Charges

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Cho Yong-byeong, Chairman of Shinhan Financial Group, who was prosecuted for involvement in the fraudulent hiring of new employees at Shinhan Bank, was sentenced to six months in prison with a two-year probation in the first trial.

The Criminal Division 11 of the Seoul Eastern District Court (Presiding Judge Son Joo-cheol) held a sentencing hearing on the morning of the 22nd regarding Chairman Cho's charge of obstruction of business and delivered this verdict. The court sentenced Yoon, the then Deputy Head of Human Resources, who was co-indicted on the same charge, to one year in prison with a two-year probation. Shinhan Bank as a corporation and one HR staff member were acquitted.

The court stated as the reason for sentencing, "Reflecting the relationships of applicants with internal and external personnel in the decision of acceptance during the new employee recruitment process undermines procedural fairness." It added, "Even if Chairman Cho did not give explicit instructions to the HR department, merely informing them of a specific applicant is sufficient to compromise the appropriateness of the hiring," and "He is not free from responsibility for participating in and failing to improve this illegal practice."

Chairman Cho is accused of allowing preferential hiring of executives' children while serving as Shinhan Bank President from 2015 to 2016. After the sentencing, Chairman Cho told reporters, "I feel heavy-hearted that junior employees have suffered," and "I will strive to receive a fair judgment through an appeal."

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