'New Recruitment Corruption' Shin Yong-byeong, Shinhan Financial Group Chairman, Acquitted in 2nd Trial (Comprehensive)

Cho Yong-byeong, chairman of Shinhan Financial Group, who is accused of recruitment corruption at Shinhan Bank, is leaving after the appellate sentencing hearing held on the afternoon of the 22nd at the Seoul High Court in Seocho-gu, Seoul.
[Image source=Yonhap News]

[Asia Economy Reporter Kim Daehyun] Cho Yong-byeong, Chairman of Shinhan Financial Group (64), who was prosecuted for manipulating scores and interfering in the recruitment process of new employees at Shinhan Bank, was acquitted in the appellate trial.

On the 22nd, the Criminal Division 6-3 of the Seoul High Court (Presiding Judge Jo Eun-rae) overturned the first trial's sentence of 6 months imprisonment with 2 years probation for Cho, who was charged with obstruction of business, and delivered a verdict of not guilty.

The court stated, "Although the defendant conveyed the fact that a certain applicant had applied through the HR manager at the time, and the recruitment team could not help but consider this circumstance, it cannot be regarded as an intention to 'pass' the applicant."

However, the court emphasized, "Under the guise of custom, separately distinguishing and managing some applicants and the recruitment team proceeding with recruitment knowing the application status can raise suspicions of unfair hiring," adding, "This can cause distrust in fairness and make general applicants feel relatively deprived." The court further noted, "If such bad practices continue among Shinhan Bank officials, it could again be problematic under the charge of obstruction of business due to recruitment corruption."

Previously, Chairman Cho and seven HR personnel of Shinhan Bank were prosecuted in October 2018 for providing preferential treatment during the recruitment process by 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.

The first trial found Cho guilty of obstructing recruitment work by informing the HR department of certain applicants' application status and personal relationships while serving as Shinhan Bank president, sentencing him to 6 months imprisonment with 2 years probation. Cho appealed against this first trial verdict.

Meanwhile, Yoon, the then HR deputy head who was also prosecuted, received a slightly reduced sentence of 1 year imprisonment with 2 years probation compared to the first trial's 1 year imprisonment with 2 years probation. The Shinhan Bank corporation and HR personnel were acquitted as in the first trial.

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