Park Cha-hoon, Saemaeul Geumgo Central Association Chairman, Resigns Amid Allegations of Bribery

Park Cha-hoon, chairman of the National Credit Union Federation of Korea, suspected of receiving money and valuables during the fund investment process of the federation, is seen entering the Seoul Eastern District Court on the afternoon of August 17 to undergo a pre-trial detention hearing. Photo by Yonhap News

Park Cha-hoon, Chairman of the National Credit Union Federation of Korea, has announced his intention to resign.

According to the National Credit Union Federation of Korea on the 13th, Chairman Park submitted his resignation on the 11th. He is currently on trial for violating the Act on the Aggravated Punishment of Specific Economic Crimes (including bribery).

The National Credit Union Federation of Korea is currently being operated under the acting leadership of Vice Chairman Kim In. Following Chairman Park's announcement of his resignation, the Federation will hold a by-election for the chairman position.

A representative of the National Credit Union Federation of Korea stated, "We will proceed with the election after coordinating the schedule with the National Election Commission."

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