Prosecution Appeals Acquittal in Appellate Court for Cho Yong-byeong, Chairman of Shinhan Financial Group

[Asia Economy Reporter Park Hyungsoo] Cho Yong-byeong, Chairman of Shinhan Financial Group, is facing a Supreme Court judgment regarding allegations of improper involvement in the recruitment process of new employees at Shinhan Bank.

According to the legal community on the 26th, the prosecution filed an appeal with the Seoul High Court, dissatisfied with the appellate court's ruling that acquitted Chairman Cho.

The prosecution charged that from the first half of 2013 to the second half of 2016, Chairman Cho managed a list of applicants who received external solicitations and children of Shinhan Bank executives and department heads, providing preferential treatment during the hiring process, and brought him to trial along with seven HR personnel.

The first trial court partially recognized the charge that Chairman Cho, during his tenure as Shinhan Bank President, informed the HR department of the application status and personal information of three specific applicants, thereby obstructing the recruitment process.

The appellate court considered that two of the three applicants whose personal information was disclosed by Chairman Cho may have gone through a legitimate selection process. Furthermore, regarding the other applicant, although considered to have passed the document screening unfairly, it was judged that there was no evidence of Chairman Cho's involvement in the unfair acceptance process.

The appellate court explained, "Among the 53 applicants identified as having passed unfairly in the indictment, most were applicants who were either subjects of solicitation or had connections with executives and employees," but added, "They generally come from top-tier universities and meet basic requirements such as certain scores and certifications."

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