Chairman Jo Yong-byeong Acquitted in 2nd Trial on 'Hiring Corruption Charges' (Update)

Cho Yong-byeong, Chairman of Shinhan Financial Group (Photo by Yonhap News)

[Asia Economy Reporter Kwangho Lee] Cho Yong-byeong, Chairman of Shinhan Financial Group, who was indicted on allegations related to recruitment irregularities during his tenure as CEO of Shinhan Bank, was acquitted in the second trial.

The Criminal Division 6-3 of the Seoul High Court on the 22nd overturned the first trial verdict and acquitted Chairman Cho in the appellate trial verdict for obstruction of business and violation of the Equal Employment Opportunity Act, along with seven Shinhan Bank HR personnel who were indicted.

The court explained the reason for acquittal, stating that it is difficult to exclude reasonable doubt that two of the three candidates, whom the prosecution specifically alleged Chairman Cho had given preferential treatment to in recruitment, may have passed through legitimate procedures.

Regarding another candidate who failed the first interview, the prosecution viewed that Chairman Cho had fraudulently passed the candidate in the document screening stage, but the court judged not guilty, reasoning that merely conveying the fact of the applicant’s document submission to HR personnel by Chairman Cho cannot be considered as an instruction to pass.

Chairman Cho and others were brought to trial in 2018 on charges of managing lists of external recommendation applicants and children of Shinhan Bank executives and department heads from the first half of 2013 to the second half of 2016, providing preferential treatment during the recruitment process, and artificially adjusting the gender ratio of successful candidates to 3 to 1.

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