Aftermath of Private Equity Scandal... Financial Supervisory Service Union Demands "Yoon Seokheon and Won Seungyeon Must Take Responsibility"

Labor Union Strongly Opposes Audit Board's Disciplinary Decision

[Asia Economy Reporter Kim Jin-ho] The Financial Supervisory Service (FSS) labor union raised its voice regarding the Audit and Inspection Board's disciplinary decision on executives related to the private equity fund scandal, stating, "If there is a part that must be held accountable, former Governor Yoon Seok-heon and former Deputy Governor Won Seung-yeon, who was in charge of the capital market, should bear the greatest responsibility."

On the 5th, the FSS labor union issued a statement saying, "It is difficult to accept the Audit and Inspection Board's disciplinary decision," and urged to stop the typical scapegoating audit.

The union said, "Senior officials responsible for the private equity fund scandal were excluded from the disciplinary targets because they are retirees," and questioned, "Is it justifiable for subordinate employees who simply carried out the decision-making of their superiors to bear the responsibility?"

They continued, "Is it right for the former governor and deputy governor, who emphasized responsibility for financial company CEOs, to remain silent?" and criticized, "We have seen the true colors of those who emphasized the independence of the FSS and said they would bend but never kneel."

The union demanded that Acting Governor Kim Geun-ik request a reconsideration from the Audit and Inspection Board. The union stated, "Is it acceptable for a practitioner without decision-making authority to receive the highest level of disciplinary action?" and warned, "If you hesitate and do not immediately request a reconsideration from the Audit and Inspection Board, it will constitute dereliction of duty as the head of the organization."

They also said that the Financial Services Commission (FSC) is not free from responsibility for the private equity fund scandal. The union said, "The responsibility of the FSC for reckless deregulation was not addressed at all in the Audit and Inspection Board's audit," and urged, "The Audit and Inspection Board should apply strict standards to the FSC as well."

According to the financial sector, the Audit and Inspection Board finalized disciplinary actions against eight FSS executives and employees related to the 'Audit on the Operation Status of Financial Supervisory Organizations.' Three officials at the director level or higher received a 'warning,' and among the remaining employees including team leaders, two were given 'suspension' penalties.

This content was produced with the assistance of AI translation services.