Appointed as Jecheong President in 3 Hours... Yu Jaehoon, Forecast President's Difficult Commute

Forecast Union Blockade Causes Second Day of Failed Commute

Members of the National Office Financial Services Labor Union, Deposit Insurance Corporation Branch, are blocking Yoo Jae-hoon, the newly appointed president of the Deposit Insurance Corporation, who arrived at the Yebo headquarters in Jung-gu, Seoul, on the 14th.

[Asia Economy Reporter Minwoo Lee] The commute of Yoo Jae-hoon, the newly appointed president of the Korea Deposit Insurance Corporation (KDIC), is becoming increasingly difficult. Employees who opposed his nomination from the start due to controversies such as 'personnel irregularities' have blocked his entry, preventing him from entering the company for two consecutive days.

According to the financial industry on the 14th, Yoo Jae-hoon, the new KDIC president, arrived at the KDIC headquarters in Jung-gu, Seoul around 9 a.m. but was forced to return to a temporary office due to obstruction by union members opposing his appointment. This marks the second failed attempt to start work following his first attempt on the 11th.

The KDIC union has consistently opposed Yoo since he was known as a leading candidate for the presidency. They argue that his appointment is inappropriate due to various controversies dating back to his tenure as president of the Korea Securities Depository (KSD).

Previously, during his term as KSD president from 2013 to 2016, Yoo was embroiled in controversy for allegedly carrying out 'retaliatory personnel actions' by dismissing or demoting 37 department heads, managers, and team leaders critical of KSD management on four separate occasions. Two of these employees filed lawsuits against KSD, and the Supreme Court ruled that KSD violated labor laws and employment regulations, ordering compensation of 500 million KRW to the affected employees. Additionally, Yoo faced ongoing criticism for excessive overseas business trips and was repeatedly pointed out during National Assembly audits.

A KDIC union official stated, "After being recommended as a presidential candidate in mid-last month, the nomination was delayed for a month and then finalized just three hours after submission last week," adding, "We oppose the rapid appointment of an unqualified parachute candidate." Since Yoo participated in President Yoon Suk-yeol's campaign during the presidential election and provided financial policy advice, there are also criticisms that his appointment as KDIC president is a parachute reward.

Meanwhile, Yoo has expressed his intention to engage in dialogue and negotiations with the union. He proposed "sincere dialogue" to union members in front of the KDIC building on the same day, but the union members rejected the offer. A KDIC official said, "The first day of work has not been confirmed yet," and added, "The inauguration ceremony will be held in accordance with the timing of his arrival at the KDIC headquarters."

This content was produced with the assistance of AI translation services.