Candidate Han Ki-jung for Fair Trade Commission Chairperson 'Refuses' to Disclose Law Firm Advisory Records

Received Over 90 Million Won in Advisory Fees from Two Law Firms
Refusal to Disclose Advisory Details Ahead of Confirmation Hearing Sparks Controversy
Conflict of Interest Debate Expected to Intensify

[Image source=Yonhap News]

[Asia Economy Reporter Park Jun-yi] It has been confirmed that Han Ki-jung, the nominee for the Fair Trade Commission (FTC) chairman, who has been controversial for receiving high advisory fees from a major law firm, refused the National Assembly's request to disclose the law firm's advisory details. If the FTC chairman nominee, who regulates private companies, does not disclose specific details about the advisory fees, suspicions of conflict of interest are likely to grow.

According to the office of Assemblyman Hwang Un-ha of the National Assembly's Political Affairs Committee on the 2nd, Han's side responded to the opposition party's request for submission of law firm advisory records ahead of the parliamentary confirmation hearing by stating, "Regarding the basis for calculating advisory fees, advisory materials cannot be submitted due to confidentiality obligations."

Assemblyman Hwang's office previously revealed through the FTC that Han received advisory fees of 30 million won and 20 million won in 2018 and 2020 respectively from Law Firm A, and 15 million won and 25 million won in 2019 and 2020 respectively from Law Office B. From 2016 to 2019, while serving as the head of the Insurance Research Institute, and from 2020 to 2022 as dean of Seoul National University School of Law, he received a total of about 90 million won in advisory fees from major law firms. During the same period, from 2015 to 2016, he also served as an outside director of Hana Bank, and from March 2020 as an outside director of MetLife Life Insurance.

Han has a history of working in private companies, including as head of the Insurance Research Institute and as an outside director of insurance companies, raising concerns about conflicts of interest as the FTC chairman who regulates private companies. Therefore, it is necessary to disclose the detailed contents of the advice he provided to the law firms, but he has effectively refused to respond. Previously, Prime Minister Han Duck-soo also refused the opposition party's request for data submission, leading to a breakdown of the confirmation hearing.

Assemblyman Hwang said, "Considering the nominee's extensive private sector activities such as serving as an outside director of financial companies, there is doubt about whether he is qualified as the FTC chairman who cracks down on unfair practices in various economic activities," and added, "To resolve the conflict of interest controversy, I hope he discloses all related materials now and participates in the confirmation hearing," signaling a rigorous verification.

The FTC explained, "Han is an insurance expert who has conducted research," and added, "If given the opportunity to serve as chairman, he will faithfully perform his duties in accordance with the FTC's strict conflict of interest prevention regulations and practices."

From 10 a.m. today, the National Assembly's Political Affairs Committee will hold a confirmation hearing to verify Han's qualifications.

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