Lee Myung-ho, President of Korea Securities Depository, "Controversy over 'Nakhasan' Standing Director Appointment, Will Reconsider from the Beginning"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Seon-ae] Lee Myung-ho, President of the Korea Securities Depository (KSD), expressed his intention to reconsider the parachute appointment controversy involving Han Yoo-jin, former head of the Roh Moo-hyun Foundation, from the ground up.

On the 18th, during the National Assembly's Political Affairs Committee audit, when Yoo Ui-dong, a member of the People Power Party, asked, "Has the appointment of former head Han been withdrawn or put on hold?" Lee responded, "I will review it further and act responsibly."

Later, when Yoon Jae-ok, chairman of the Political Affairs Committee, asked the same question again, Lee replied, "The extraordinary shareholders' meeting in September was indeed withdrawn, and we will reconsider the appointment from the beginning."

Last month on the 17th, KSD planned to hold an extraordinary shareholders' meeting to appoint former head Han as an executive director, but canceled the schedule ten days before the planned date amid criticism of it being a 'parachute appointment.' According to the financial investment industry, KSD intended to create a new position by holding a shareholders' meeting to appoint former head Han. KSD is the central securities depository that manages securities such as stocks and bonds held by institutional and individual investors.

Former head Han served as an administrative officer in the Presidential Secretariat for four years during President Roh Moo-hyun's administration and was the head of the Presidential Memorial Project Headquarters at the Roh Moo-hyun Foundation in 2018. He also has ties with President Moon Jae-in, having worked in Moon's 2012 election campaign and served as a specialist member of the Presidential Committee on Balanced National Development in 2019. He ran as a Democratic Party preliminary candidate for Yeoju-Yangpyeong in the 21st National Assembly election but was defeated. Since he has no experience working in the financial sector, controversy arose over his nomination as an executive director at KSD, with accusations of a parachute appointment.

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